Andhra Pradesh intensified its global investment outreach on Wednesday, with Minister for HRD, IT and Electronics Nara Lokesh inaugurating APEX Korea (Andhra Pradesh External Engagement–Korea), the State’s first overseas investment facilitation and outreach centre, in Busan.
Established by the Andhra Pradesh Economic Development Board (APEDB), the centre will serve as a permanent interface between the State government and Korean companies by facilitating new investments, coordinating with government departments and providing aftercare services to existing investors.
Mr. Lokesh said APEX Korea reflected the government’s strategy of creating a sustained institutional presence in key global markets, rather than relying solely on investment roadshows. The initiative would strengthen long-term business partnerships and position Andhra Pradesh as a preferred destination for manufacturing and technology investments, he observed.
Appeal to KOMEA
During a maritime investment roundtable organised by the Korea Marine Equipment Association (KOMEA), Mr. Lokesh invited Korean companies to invest in the proposed ₹30,000-crore Dugarajapatnam Shipbuilding Cluster, being jointly developed by the Andhra Pradesh Maritime Board and the Visakhapatnam Port Authority (VPA). He also proposed collaboration on a Korea Marine Equipment Desk, a Ship Technology Centre, skill development programmes and research initiatives.
Footwear manufacturing
The Minister also met executives of footwear manufacturers Hwaseung Group and Boo Young Group to promote an integrated footwear manufacturing ecosystem across Kuppam, Tirupati and Visakhapatnam.
Hwaseung, which proposed a ₹900-crore non-leather footwear manufacturing facility in Kuppam, said the plant would produce 20 million pairs of sports shoes annually for global brands, including Adidas, primarily for exports. The company said it would examine proposals for expanding its investment, while Boo Young Group expressed interest in exploring footwear manufacturing opportunities in the State.
Mr. Lokesh also held discussions with BNK Financial Group, inviting it to explore investment opportunities in Andhra Pradesh’s financial services, infrastructure and innovation sectors.
Senior officials from the APEDB, the Andhra Pradesh Maritime Board, the Industries Department and the IT Department accompanied the Minister during the visit.