Chief Minister A Revanth Reddy and his delegation consisting of IT and Industries Minister D Sridhar Babu and senior officials reached South Korea after inking Memoranda of Understanding (MoUs) worth ₹31,500 crores that would bring 30,570 new jobs in Telangana.
A total of 19 deals and MoUs were signed during the one-week tour of Mr. Reddy. The team has now reached South Korea where a series of business meetings are lined up. The CM and his delegation will meet the representatives of UU Pharma, followed by a business round-table with the representatives of the Korean Federation of Textiles Industry, LS Holdings Company and Hyundai Motors.
During its meeting with the Director General of the Water Circulation Safety Bureau, the delegation will study South Korea’s water system followed by an inspection. The team will return to Hyderabad on August 14.
US tour brings in huge investments
Mr. Revanth Reddy successfully concluded his business tour of the United States securing over Rs 31,500 crore in investment plans that will bring over 30,750 jobs new jobs. During the one-week tour, the CM-led delegation had over 50 business meetings and three Round-table Conferences in New York, Washington DC, Dallas and California where it received support for various major initiatives including the creation of a Future City, AI City, rejuvenation of Musi River, and the zealous pitch to shape ‘Telangana as the right fit for the quest of America, Inc. for a China plus one alternate.’
“The trip opened a myriad of areas for accelerated partnerships, setting new horizons and showcasing our wealth of potential for newer opportunities. From our plans in AI to building the Future City, corporations, startups, business leaders, tech and business associations and influencers have agreed to take our breathtaking vision to more people,” said Mr. Revanth Reddy, before leaving for South Korea.
The delegation met with CEOs, founders and business alliances and groups, inviting them to come to Hyderabad and consider Telangana in their future plans. It pitched Hyderabad and Telangana to business heads and investors and closed new and expansion deals in IT, GCC, Lifesciences, Pharma, Data Centres, AI, Cloud and Data Centres, Electric Vehicle and batteries, green energy, FMCG and manufacturing.
The major announcements in the IT sector include the Charles Schwab GCC, one of America’s leading financial sector corporations. The Trinet deal opens major forays ahead in the HR solutions sector. The significant expansion announcements by global IT major Cognizant, and Arcesium, reinforced the edge of Hyderabad in the IT/GCC space, a statement from the Chief Minister’s Office said.
Officials said the pharma and life sciences sector saw fresh investments from nearly a dozen American companies. The MoU with Corning on skilling and flow chemistry reiterates the company’s commitment to grow in Telangana and also reinforces the city’s R&D capabilities.
The announcement by Amgen, a top biotech company, to set up a new R&D tech facility is a major breakthrough for Hyderabad. Significant expansions by HCA and Thermofisher are set to further boost Telangana’s life sciences ecosystem.
Another major takeaway of the visit was the decision by Amazon to make significant expansions in their data centre presence in Hyderabad and use the city as a hub in a big way to drive their India presence. Other deals included Aurum Equity agreeing to set up an AI-powered green data centre and Monarch Tractors entering into high-end manufacturing.
The delegation also engaged with Apple, Google, and Stanford University. IT and Industries Minister Sridhar Babu said the delegation exceeded the set goals, which were audacious to begin with. The visit created excitement in the American business world, leading to a multi-fold impact on investments and new jobs, he said.
