Hyderabad: Chief minister A Revanth Reddy, who returned from his tour of the US and South Korea on Wednesday, said Korean companies will be investing Rs 4,500 crore in Telangana , with Youngone Corporation setting up a fashion city in Hyderabad, Hyundai Motors establishing a mega automotive testing centre, and other firms investing in cosmetics, pharma, LED, and other sectors. In all, the CM-led team was successful in signing agreements for Rs 31,502 crore investments from its US tour, Rs 4,500 crore from South Korea, and another Rs 40,232 crore from their visit to Davos earlier this year, totalling Rs 76,232 crore in investments, officials said. Youngone Corporation, which already partnered to set up textile manufacturing industries in Warangal Mega Textile Park, announced that it will open a fashion city in Hyderabad.
The CM assured that 10 acres will be allocated near the airport. The CM handed over the letter of consent on behalf of the govt to the Youngone Corporation chairman. The CM and representatives of various companies sought mutual cooperation to set up cosmetics manufacturing industries in the state.
The state govt entered into an MoU with the Korean Beauty Industry Trade Association to explore the possibilities and feasibility of manufacturing in Telangana. Three more Korean companies also announced their plans to invest in Telangana. Dongbang Pharma Company will invest Rs 200 crore to set up an API manufacturing centre.
JI Tech Company came forward to set up a .