The Economic Development board of Andhra Pradesh (APEDB) takes a progressive step towards integrated and holistic development of the state with The Korean Cluster Project
The Economic Development Board of Andhra Pradesh took yet another step in fulfilling the Chief Minister’s vision of setting up a South Korean City in the state.
Enhancing ties with the Republic of Korea, the Andhra Pradesh Economic Development Board (APEDB) signed an MoU with Tier 2 and Tier 3 ancillaries of KIA Motors referred to as Korean Association in Chennai for a Korean Cluster Project. “This is a very vital step towards global visibility & also a great way to carve the path of upcoming collaborations. We are honored by the trust and faith shown by the Korean Association Chennai.”- Shri J Krishna Kishore, CEO, APEDB.
Korean Association in Chennai is an association of Korean companies in Chennai across various sectors. The Developer proposes to support in evolving an integrated industrial cluster in Andhra Pradesh to be occupied by Korean companies which are Tier 2 and Tier 3 Ancillaries of KIA Motors in Andhra Pradesh. It also looks at participation and collaboration with the Government of Andhra Pradesh in the financing the cluster in Andhra Pradesh. The Korean Cluster Project is subject to due process and applicable rules and regulations of the Government of Andhra Pradesh and Government of India. The Developer proposes to collaborate with infrastructure providers such as Assetz Infrastructure Private Limited or any other entity to build the necessary infrastructure for the Korean Cluster Project. “We are impressed by the vision & mission of the board and hence would like to be a part of it. It is definitely a great step towards growth.” – Spokesperson of the Korean Association Chennai.
APEDB looks at commitment to bring in direct investment of approximately Rs. 10,000 Crores to the State of Andhra Pradesh for the Korean Cluster Project in Andhra Pradesh which is likely to generate local employment of approximately 45,000 persons. The Korean association shall participate in providing respective strengths and advantages in terms of investment, technology, planning and design and equipment into setting up the Project in the State of Andhra Pradesh. APEDB will facilitate to provide necessary assistance for the Developer's entry to the market in India, including providing necessary assistance in discussions with the Union Government of India.