CM Devendra Fadnavis in South Korea: Maharashtra taps FDI in low-cost housing and textile parks

Describing the meeting as “very good and positive”, CM Devendra Fadnavis said, “We emphasised on strengthening the financial collaboration between South Korea and India, particularly Maharashtra, by working closely on mega infrastructure projects.”

Written by Shubhangi Khapre | Mumbai | Updated: September 28, 2017 2:50 am
 Devendra Fadnavis, Kim Dong-yeon , South Korea and devendra fadnavis, Devendra Fadnavis South Korea visit, Maharashtra FDI flow, South Korea news, India news, National news, latest news CM Devendra Fadnavis with South Korea’s Deputy Prime Minister and Minister of Strategy & Finance Kim Dong-yeon in Seoul Wednesday

Chief Minister Devendra Fadnavis met South Korea’s Deputy Prime Minister and Minister of Strategy & Finance Kim Dong-yeon in Seoul Wednesday to expand the scope of investments and working partnership in infrastructure, textile and low-cost housing sectors.

Describing the meeting as “very good and positive”, CM Devendra Fadnavis said, “We emphasised on strengthening the financial collaboration between South Korea and India, particularly Maharashtra, by working closely on mega infrastructure projects.”

Another area that elicited positive response, according to the CM, was promoting partnership and investments in textile parks.

Fadnavis expressed satisfaction over the interest shown and commitments made by the South Korean leader in joining hands with Maharashtra in development projects.

The state has launched 14 textile parks, especially in the cotton growing belt of backward Vidarbha and Marathwada regions. The government is keen on foreign direct investment (FDI) in the sector being promoted as ‘Farm to Fashion’.

“Maharashtra contributes about 11.4 per cent to India’s textiles and apparel output and is the second largest employer in Maharashtra, contributing 28 per cent of India’s total exports. The Textile Policy of Maharashtra 2011-17 emphasises establishing processing units at various levels for the assured long term development, expansion of the textile industry and growth of employment in the state,” said a senior secretary-level officer in the government.

Earlier, Fadnavis met the chairman and chief executive officer of Land and Housing Corporation Park, Sang-woo, to discuss low-cost housing projects.

Under the affordable housing for all scheme, Maharashtra has made commitment to build 10 lakh houses in urban and 12 lakh in rural areas. The government believes opening low-cost housing to global partners would bring in healthy competition and also ensure greater transparency and innovation.

Fadnavis also met Hyosung Corporation president H S Cho and Industrial Materials Performance Group vice-president You Sook Chun. Hyosung, a leading chemical and technological textile company, has expressed interest in investing in Spandex Manufacturing for the textile sector.

Fadnavis also held a meeting with with Daewoo Engineering and Construction Company (construction convergence innovator) president and CEO Song Moon Sun, urging it to explore investment opportunities in Maharashtra.

At the meeting POSCO managing director Oh In-Hwan, Fadnavis held deliberations on expediting the projects. The Maharashtra government has already signed two MoUs with POSCO. Giving details about the project, the CMO said, “POSCO has two units at Vile Bhagad and Talegaon in Maharashtra. The company manufactures and sells steel rolled products.”

Later in the evening, the delegation met Soo-Hyun Jung, president and CEO, Hyundai Engineering and Construction, and urged the company to invest in the Samruddhi Corridor and the Bandra-Versova Sea Link projects.

The CM urged LG Solar Energy to consider investments in solar agriculture feeder project in Maharashtra. Fadnavis also led the delegation to Songdo Smart City to study the public-private partnership model of development.

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