KTR's trip to UK and US fetches mega investments; 42k jobs in TS

HYDERABAD: IT minister K.T. Rama Rao's tour to the UK and US to attract investments into Telangana ended on Thursday with the minister saying the state could attract huge investments which could create 42,000 jobs.

Rao left for the UK on May 10 and returned on May 14 to take part in the ground-breaking ceremony of the Foxconn manufacturing plant at Kongarakalan. Hours later, he left for the US. He participated in over 80 business meetings, attended 5 sector-specific round table meetings and addressed two conferences.

The business meetings were in London, New York, Washington DC, Houston, Henderson and Boston  in the US which attracted several big-ticket investments spanning sectors like BFSI (banking, financial services and insurance), emerging technologies, IT and ITES, media and entertainment, aerospace and defence, life sciences, medical devices, digital solutions, innovation and data centre and automotive and EV.

A statement said the investments reaffirmed Telangana’s position as a global investment hotspot.

The proposed investments and prospective collaborations will create around 42,000 direct jobs and each job has a potential to create three to four indirect jobs. The global companies which announced their investment and expansion plans include Warner Bros. Disney, Medtronic (global leader in healthcare technology), State Street (the world's largest asset management company), Bain Capital-owned VXI Global Solutions and the London Stock Exchange Group.
Rao had a meeting with NRI CEOs of more than 30 companies.

He emphasized the growth of IT in Telangana’s Tier-II cities and explained the measures taken by the state government and encouraged the IT companies to start their operations in Tier-II cities.

A major fillip came from Sonata Software, a leading modernization engineering company, which decided to expand to Nalgonda by adding 200 jobs in the soon-to-be-opened Nalgonda IT Tower and 3M-ECLAT’s announcement to start an operations centre in Karimnagar. Rite Software has also evinced interest to expand their operations to Warangal in the near future.