Strategic Korea Outreach Aims to Transform State's Industrial Landscape
Andhra Pradesh has intensified its global investment outreach with a strong focus on South Korea , as IT and Education Minister Nara Lokesh held a series of high-level meetings with financial institutions, industrial conglomerates and automobile manufacturers to attract investments across strategic sectors. The visit, marked by the launch of the state's first overseas investor facilitation centre, reflects the government's broader push to position Andhra Pradesh as a preferred destination for advanced manufacturing, maritime industries, electric mobility and technology-driven investments .
A key milestone during the visit was the inauguration of Apex Korea (Andhra Pradesh External Engagement–Korea) in Busan . Established under the Andhra Pradesh Economic Development Board (APEDB) , the centre is the state's first permanent overseas investment office and will serve as a single-window platform for Korean companies. It will facilitate investment proposals, government approvals, land allotment, industrial clearances and post-investment support , enabling businesses to engage with the state through a dedicated on-ground mechanism rather than periodic investment roadshows.
Lokesh also met senior executives of BNK Financial Group and BNK Capital , inviting them to support startups, MSMEs and emerging entrepreneurs in Andhra Pradesh through venture capital, financial advisory, mentoring and fund management . He requested the group to explore financing opportunities for infrastructure projects, including Amaravati's capital development, industrial parks and power infrastructure , while encouraging its global clients in electronics, semiconductors, shipbuilding and renewable energy to establish operations in the state. He also proposed opening a BNK Financial Group branch in Amaravati to strengthen long-term financial cooperation.
According to BNK officials, the group manages assets worth nearly $101.9 billion and operates 398 branches in South Korea along with 75 overseas offices , making it one of the country's leading regional financial institutions.
Maritime manufacturing emerged as another major focus area during the visit. Addressing an investment session organised by the Korea Marine Equipment Association (KOMEA) , Lokesh invited Korean companies to participate in the proposed ₹30,000-crore Dugarajapatnam Shipbuilding Cluster . He highlighted Andhra Pradesh's 1,053-km coastline , expanding port infrastructure and industrial ecosystem as key advantages that could help the state evolve into one of India's leading shipbuilding and marine equipment manufacturing hubs. The minister also proposed setting up a Korea Marine Equipment Desk , an India Ship Technology Centre , joint research initiatives and specialised skill development programmes to deepen bilateral collaboration.
In the footwear sector , Lokesh met representatives of Hwaseung Group , thanking the company for its planned ₹900-crore non-leather footwear manufacturing facility at Kuppam . He urged the company to expand its investment by establishing footwear component manufacturing units, raw material industries, an advanced athletic footwear research and development centre, and an Asia-Pacific Innovation Centre in Andhra Pradesh. Company executives said the Kuppam unit is expected to manufacture 20 million pairs of sports shoes annually , initially catering to exports for global brands such as Adidas before entering the domestic market.
Another South Korean conglomerate, Booyoung Group , also expressed interest in investing in footwear and allied component manufacturing in Andhra Pradesh, with company representatives stating that they are currently evaluating business opportunities in the state.
The delegation further held discussions with senior executives of Kia Motors in Seoul , where Lokesh urged the automaker to expand its existing presence by establishing an integrated EV and hybrid vehicle manufacturing ecosystem . He also proposed a Completely Knocked Down (CKD) assembly and export centre near Visakhapatnam Port , leveraging the state's strategic east coast location to strengthen exports to global markets.
Officials believe the South Korea outreach marks an important step in advancing Andhra Pradesh's industrial growth strategy . By combining permanent overseas investor engagement through Apex Korea with targeted pitches across automobiles, semiconductors, electronics, shipbuilding, renewable energy and footwear , the state aims to attract high-value foreign investment, generate skilled employment and accelerate its emergence as a globally competitive manufacturing and technology hub.