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| Andhra Pradesh keen to develop Korean cluster project with KIA Motors as anchor | Writer | Admin | |||
|---|---|---|---|---|---|
Andhra
Pradesh is seeking to develop a South Korean City project in Andhra Pradesh
where KIA Motors is likely to be the anchor industry along with a clutch of
other ancillary industries in the automotive sector.
The
Andhra Pradesh Economic Development Board has signed an MoU with Tier-2 and
Tier-3 ancillaries of KIA Motors, referred to as the Korean Association in
Chennai, for the project.
“This
is a very vital step towards global visibility and also a great way to carve
the path for upcoming collaborations,” J Krishna Kishore, CEO, APEDB, said.
The
Korean Association in Chennai is an association of Korean companies. The
proposal is to develop an integrated industrial cluster in the state to be
occupied by Korean companies, which include Tier-2 and Tier-3 ancillaries of
Kia Motors.
The
Korean Cluster Project is subject to due process and applicable rules and
regulations in Andhra Pradesh.
APEDB
looks at commitment to bring in direct investment of approximately Rs. 10,000
crore to Andhra Pradesh through the Korean Cluster Project. This has the
potential to generate employment for approximately 45,000 persons, according to
APEDB.
The board
has agreed to provide the necessary assistance, including necessary assistance
in discussion with the Centre.
KIA
Motors had earlier outlined plans to invest about $1.1 billion on a greenfileld
plant in Ananthapur district of Andhra Pradesh. The project is set to come up
at a strategic location close to Krishnapatnam port and also to major cities.
AP Chief
Minister N Chandrababu Naidu has been touring South Korea, interacting with
some of the companies there, to encourage them to set up their projects in AP
along with KIA Motors, seeking to make it a Korean industrial hub.
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| 158 | Andhra Pradesh keen to develop Korean cluster project with KIA Motors as anchor | Admin | 18-01-02 |
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