Karnataka govt seals MoU with HyVision in Seoul to enhance State Economy - World News Network

Bengaluru (Karnataka) [India], July 5 (ANI): In a significant step to strengthen Karnataka’s economic landscape, the Government of Karnataka has signed a pivotal Memorandum of Understanding (MoU) with South Korean company HyVision in Seoul.
The agreement involves setting up a manufacturing plant for camera inspection machines for smartphone camera modules near the Foxconn facility.
This landmark agreement was finalized on the concluding day of the delegation’s visit, led by the Minister for Large and Medium Industries and Infrastructure Development, MB Patil.
The significant milestone was achieved with the signing of a Memorandum of Understanding (MoU) between South Korean company HyVision and the Government of Karnataka.
HyVision was represented by CEO Choi Doo-won, Directors Park Sang-yeop and Lee Jintae, General Managers Shin Yong-gyu, Do Hyun-seok, and Kang Bo-won, as well as Jeong Jun-tae and Lee Seung-won. HyVision, a supplier to major companies such as Apple, Tesla, Hyundai, and Kia, plans to leverage Karnataka’s robust electronics manufacturing ecosystem. The Karnataka delegation highlighted the state’s new special incentives package for the electronics sector, offering 30-35% subsidies, the highest in India.
MB Patil held discussions with LX International executives, Nakanishi, Director of Policy and External Relations, and Naruse, General Manager of Policy and External Relations, to explore the company’s potential expansion in Karnataka.
LX International, a South Korean multinational company and a spin-off from LG Corp, specializes in developing and manufacturing electronic components and systems, including displays, semiconductors, and communication devices.
The delegation highlighted Karnataka’s strengths in semiconductor design, electronic manufacturing, and its 40% national share in electronic design and also discussed various facets of LX International’s operations, including semiconductor design, glass and plastic manufacturing, and green power.
MB Patil held productive discussions with senior executives from Samsung Electronics, including Young Joe Yun, Corporate VP, Choi Yong Woo, Head of the DX Division, and Kim Hyun-soo, Senior Professional.
The delegation highlighted Karnataka’s robust Electronics System Design and Manufacturing (ESDM) ecosystem, noting its status as India’s largest chip design hub with over 85 fabless chip design houses and a 10% contribution to the national electronics output. They also showcased Karnataka’s strengths in semiconductor manufacturing, battery cell production, the EV value chain, biologics, biotech, smartphone manufacturing, and consumer electronics. Emphasizing excellent infrastructure, a skilled workforce, and a vibrant ecosystem, they presented Bangalore’s superior connectivity and quality of life as key attractions for global businesses.
The delegation led by MB Patil during the South Korea visit expressed gratitude to Amit Kumar, Ambassador of India to the Republic of Korea, Nishi Kant Singh, Deputy Chief of Mission, Embassy of India, Seoul, and Sanjana Arya, Second Secretary (Commerce & Investment), Embassy of India, Seoul, for their immense support in facilitating the key meetings during the South Korea visit.
The meetings were also attended by Selvakumar S, IAS, Principal Secretary, Department of Commerce and Industries, and Gunjan Krishna, IAS, Commissioner for Industrial Development and Director, Department of Commerce and Industries.
MB Patil along with his delegations had a productive meeting with Amit Kumar, the Ambassador of India to the Republic of Korea on investment opportunities in Karnataka.
These engagements on the final day of the South Korea visit showcased Karnataka’s commitment to attracting global investments and fostering technological advancements. The delegation consistently highlighted Bangalore’s superior connectivity, infrastructure, and quality of life, positioning it as an attractive destination for international businesses. (ANI)

Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News