KIA Motors to invest another USD 54 million in Andhra Pradesh
May 28, 2020
Amaravati (Andhra Pradesh) [India], May 29 : KIA Motors on Thursday said it will invest another USD 54 million in Andhra Pradesh.
Speaking at the Andhra Pradesh government's flagship programme 'Mana Paalana, Mee Soochana' on industries, KIA India CEO Kookhyun Shim declared to invest an additional sum of USD 54 million on the company's expansions in the state.
The investment will be focussed on manufacturing SUV vehicles in the state.
Shim said that "KIA is all set to become a model for foreign investors and investments coming to Andhra Pradesh."
He further reiterated that 85 per cent of the employment opportunities created by the company is presently catering to citizens of Andhra Pradesh, thereby furthering the Chief Minister's vision of generating employment via investments.
According to the Chief Minister's Office (CMO), the brainstorming session 'Mana Palana Mee Soochana' (Our Governance, Your Suggestion) on industries turned out to be a great success with KIA Motors, announcing a further investment of USD 54 million.
Earlier, Chief Minister YS Jagan Mohan Reddy took a dig at the previous TDP government, alleging it had fanned out false propaganda recently that KIA was moving out of the state.
"The previous government armed with a section of its friendly media has mastered the art of spreading lies and canards and manoeuvering the facts. When the outreach programme was going on, there was a propaganda that KIA Motors is moving out of Andhra Pradesh. I was shocked as to why should they go away. What did we do to whisk them away," read the release.
"But the Managing Director Kim had tweeted and gave a press release denying those stories in a section of media and stood ground, stating that they are not moving away but are working together with the Andhra Pradesh government," it said.
During 2014-19, MSMEs were in a bad shape and the Jagan Reddy government has allocated Rs 968 crore to revitalise them, according to the release.
"In the first instalment, Rs 450 crore was released and the rest will be given soon. Kadapa Steel Plant is coming up with an investment of Rs 15,000 crore and we are looking for interested parties to work in a joint venture," the release said.
