Minister for Industries and Commerce KT Rama Rao laid the foundation stone for Youngone and Evertop Textile and Apparel Complex Pvt. Ltd., in the Kakatiya Mega Textile Park (KMTP) in the presence of Chang Jae-bok, the ambassador of the Republic of Korea to India, and Kihak Sung, the CEO of Korean textile giant Youngone. He stated that the company plans to establish 11 factories within the KMTP, producing about 21,000 jobs for the locals.
The organisation will put an emphasis on empowering women, who are anticipated to make up 80 per cent of the workforce. According to Rama Rao, it will support women and their children by establishing daycare facilities and transportation infrastructure inside the KMTP.
Youngone will initially establish four factories, creating 4,000 jobs. Notably, the earlier-built KiTex facility has already produced 12,000 jobs, and Ganesha Ecopet Pvt. Ltd., has added 1,000 more, culminating in a total of 60,000 jobs within the KMTP.
Youngone CEO Kihak Sung thanked Rama Rao for his assistance and said that the choice to build a business in the KMTP was made after careful research of Telangana’s potential for textile manufacturing. Telangana’s economic development and leadership were lauded by ambassador Chang Jae-Bok.
