Andhra Pradesh Seeks Korean Investment in Startups and Semiconductor Units
IT and HRD Minister Nara Lokesh has invited South Korean technology companies to invest in Andhra Pradesh, highlighting the state's startup ecosystem and supportive policies. Speaking at a roundtable with Korean startups in Seoul, he outlined the government's goal to create 20,000 startups and one lakh jobs over the next five years under the 'One Family, One Entrepreneur' initiative through the Ratan Tata Innovation Hub (RTIH).
Lokesh presented the full-lifecycle programmes offered by RTIH, including Spark (ideation), Catalyst (18-week incubation), and Velocity Labs. He detailed incentives under the Andhra Pradesh Innovation & Startup Policy 2024-29, such as the ₹22-crore RTIH-SIDBI Seed Fund and up to ₹20 crore in Alternative Investment Fund (AIF) seed equity support. He proposed an India-Korea Startup Corridor to enable market access for startups from both countries and invited Korean companies to partner in developing the Amaravati Quantum Valley.
In a meeting with Taehyung Lee, Vice-President of Seoul Semiconductor, Lokesh stated that Andhra Pradesh had attracted $240 billion in investments over the past 24 months, accounting for 25% of investments received by India during that period. He noted that over 40 Korean companies, including Kia, LG Electronics, and MCNEX, have established manufacturing units in the state. Highlighting central government support for infrastructure projects like bullet trains and greenfield capitals, he invited Seoul Semiconductor to set up a display fabrication unit in or around Sri City. He also mentioned that a Korean company had partnered with ASIP/APAC Ltd. under the India Semiconductor Mission (ISM).
Lokesh met Takeshi Yokota, President of the Power Systems Performance Unit of Hyosung Heavy Industries Corporation (HHIC). He requested the company to establish a manufacturing or assembly unit for switchgears and other power equipment near Tirupati or in Sri City. He explained that the Andhra Pradesh government manages a transmission network worth about ₹8,000 crore and aims to achieve 160 GW of clean energy capacity, supported by a roadmap to develop 15 GW of transmission infrastructure by 2034. He cited growing demand for 765/800 kV transformers, GIS, and STATCOM equipment for projects including the proposed 7,248 MW Kovvada nuclear power project.
In another meeting, Lokesh interacted with Jeagab Ha, Global Operations Officer of SOLUM Group, a manufacturer of Electronic Shelf Labels (ESL), IoT, and power electronics products. He urged the company to expand its presence in Andhra Pradesh by manufacturing ESL and other display products at its Sri City facility. Ha said SOLUM is establishing a power and PCB assembly manufacturing centre in Noida and a new plant at Sri City through Solum India High-Tech Pvt. Ltd. He assured Lokesh that the Sri City unit would be completed at the earliest.
