Foxconn's mega investment' in Telangana may create one lakh jobs over 10 years.

The state government of Telangana recently revealed that the electronics manufacturing giant Foxconn would be establishing a factory in the state, with the potential to employ one hundred thousand people over ten years.

Hon Hai Technology Group (Foxconn) CEO Young Liu conferred with Chief Minister K Chandrashekar Rao on Thursday at Pragathi Bhawan in Taipei.

Subsequently, Rao and Liu declared the establishment of an electronics production centre in Hyderabad, following an arrangement between the state and the business group to establish the planned units. Expenditure totals were kept secret.

Over the next decade, the 'unprecedented agreement' could create work for over a hundred thousand individuals. KCR stated that Telangana views Taiwan "as a natural collaborator and that the State is delighted to be a part of Foxconn's development narrative" and that Foxconn's section "will help create large scale jobs for our young and will help in drawing more such industries to Telangana."

Foxconn is in discussions with the government of Karnataka about investing there.

"Truly thrilled to reveal a massive investment by Foxconn in Telangana that will generate jobs for a staggering one lakh youths in Telangana," wrote State IT industries minister KT Rama, who was also present at the gathering.

Both CM KCR and Liu agreed that the state governments need to do more to encourage the diversification of electronics production to create a more stable supply chain.

The Chief Minister promised Liu that his administration would do whatever it could to help Foxconn succeed in its Telangana activities.

According to a press release, Foxconn's chairman lauded Telangana's "supportive" industrial development eco-system and voiced confidence regarding the company's expenditures there.

Liu's birthday being that day, Chief Minister KCR gave him a hand-made card with birthday wishes and hosted lunch for the group at Pragathi Bhawan.