VIJAYAWADA: Andhra Pradesh has intensified its global investment outreach on Tuesday with Education and IT Minister Nara Lokesh holding a series of meetings in Busan, South Korea, seeking investments in finance, shipbuilding, footwear manufacturing and advanced technology sectors.
The new platform will serve as a bridge between Korean companies and the Andhra Pradesh government, assisting prospective investors while also extending support services to Korean firms that are already operating in the state.
Lokesh later participated in a round-table conference organised by the Korea Marine Equipment Association, where he projected Andhra Pradesh as India's most attractive maritime investment destination on the east coast.
Highlighting the state's 1,053-km coastline, one major and five operational non-major ports handling over 330 million tonnes of cargo annually, he said four additional greenfield ports were under construction and more than 1.10 lakh acres of industrial land were readily available.
Inviting Korean marine equipment manufacturers to invest in the proposed `30,000-crore Dugarajapatnam Shipbuilding Cluster spread across 3,488 acres, the minister urged them to establish manufacturing units for engines, propulsion systems, navigation equipment, deck machinery, electrical systems and specialised marine components.
He also proposed collaboration with the Andhra Pradesh Maritime Board for setting up testing laboratories, research centres, skill development facilities and a dedicated Korea Marine Equipment Desk.
During meetings with senior executives of BNK Financial Group, Lokesh requested the company to establish a branch in Amaravati, which he described as Andhra Pradesh's emerging financial capital. He also invited BNK Venture Capital to partner with the state's Regional Technology and Innovation Hub to support start-ups and MSMEs while exploring infrastructure financing opportunities for Amaravati, industrial parks and power projects.
BNK officials said the proposals would be examined by the group's leadership.
Seeking to strengthen Andhra Pradesh's manufacturing ecosystem, the minister invited Boo Young Group to establish footwear and footwear component manufacturing facilities in the state, assuring single-window clearances, world-class industrial infrastructure and strong logistics connectivity. Company representatives expressed interest and said they were exploring ready-built industrial sheds.
Lokesh also met the leadership of Hwaseung Group, thanking the company for its proposed `900-crore non-leather footwear project at Kuppam. He urged the company to expand its plans by developing an integrated footwear components and materials manufacturing cluster, establishing an Asia-Pacific innovation and R&D centre, and creating a South India manufacturing network linking Kuppam, Tirupati and Visakhapatnam.
Concluding the day's engagements, the minister visited the Shoealls smart healthcare footwear factory in Busan, where he examined AI-enabled medical footwear incorporating magnetic therapy, ergonomic design, vibration chips and advanced cooling technologies designed to improve blood circulation, reduce muscle fatigue and promote foot health.