Andhra Pradesh has intensified its efforts to attract foreign investments by engaging with leading South Korean companies across the maritime, footwear and financial sectors. During an investment outreach visit to South Korea, State Minister for Education, IT and Electronics Nara Lokesh invited Korean maritime manufacturers to participate in the proposed ₹30,000 crore Dugarajapatnam Shipbuilding Cluster.
Speaking at a maritime investment roundtable organised by the Korea Marine Equipment Association (KOMEA) in Busan, Lokesh highlighted Andhra Pradesh’s 1,053-km coastline, growing port infrastructure and industrial ecosystem, positioning the State as an emerging hub for maritime manufacturing.
He encouraged Korean marine equipment manufacturers to become part of the Dugarajapatnam Shipbuilding Cluster, a major project being jointly developed by the Andhra Pradesh Maritime Board (APMB) and the Visakhapatnam Port Authority. Lokesh also proposed a broader collaboration between KOMEA and APMB, including the establishment of a Korea Marine Equipment Desk, an India Ship Technology Centre, joint skill development programmes and collaborative research and development initiatives.
As part of the visit, Lokesh also met senior representatives from Hwaseung Group and Boo Young Group to strengthen Andhra Pradesh’s footwear manufacturing ecosystem.
He thanked Hwaseung Group for its proposed ₹900 crore greenfield non-leather footwear manufacturing facility at Kuppam and suggested expanding the investment by setting up a footwear components and materials manufacturing unit, a next-generation athletic footwear research and development centre, and a South India manufacturing cluster.
Responding to the proposal, Heo Seong Ryon, CEO of Hwaseung Corporation’s Affiliated Business, said the Kuppam facility is expected to produce around 20 million pairs of sports shoes annually for global brands, including Adidas, with exports planned initially before entering the domestic market. He added that the company would evaluate the State government’s additional proposals.
Boo Young Group also expressed interest in establishing footwear and footwear component manufacturing operations in Andhra Pradesh and said it is assessing investment opportunities in the State.
During the visit, Lokesh inaugurated APEX Korea, the first overseas investment facilitation and outreach centre established by the Andhra Pradesh Economic Development Board (APEDB). Located in Busan, the centre will support investor engagement, facilitate new investments and provide aftercare services to existing investors.
Lokesh also met officials from BNK Financial Group, inviting the company to explore opportunities in Andhra Pradesh’s financial services, infrastructure and innovation sectors while encouraging it to connect its global clients with investment opportunities in the State.
According to an official release, the Korean delegation agreed to examine the proposals presented by the Andhra Pradesh government as discussions on future investments continue.
