AP invites Korean maritime manufacturers to invest in ₹30,000 crore Dugarajapatnam Shipbuilding Cluster

Andhra Pradesh stepped up its investment outreach in South Korea with State Minister for Education, IT and Electronics Nara Lokesh inviting Korean maritime manufacturers to invest in the proposed ₹30,000 crore Dugarajapatnam Shipbuilding Cluster in the State.

At a maritime investment roundtable organised by the Korea Marine Equipment Association (KOMEA) in Busan on Wednesday, Lokesh said Andhra Pradesh’s 1,053-km coastline, expanding port infrastructure and industrial ecosystem had positioned the State as an emerging maritime manufacturing hub.

He invited Korean marine equipment manufacturers to participate in the Dugarajapatnam Shipbuilding Cluster, being jointly developed by the Andhra Pradesh Maritime Board (APMB) and the Visakhapatnam Port Authority.

He also proposed that KOMEA partner with APMB to establish a Korea Marine Equipment Desk, an India Ship Technology Centre, joint skill development initiatives and collaborative research and development programmes.

As part of the State’s outreach to global footwear manufacturers, Lokesh met senior executives of Hwaseung Group and Boo Young Group.

Thanking Hwaseung for its proposed ₹900 crore greenfield non-leather footwear manufacturing facility at Kuppam, he proposed expanding the investment through an integrated footwear components and materials manufacturing facility, a next-generation athletic footwear R&D and Asia-Pacific Innovation Centre, and a South India manufacturing cluster at Kuppam.

Responding positively, Heo Seong Ryon, CEO of Hwaseung Corporation’s Affiliated Business, said the proposed Kuppam facility would manufacture 20 million pairs of sports shoes annually for global brands, including Adidas, initially targeting export markets before expanding into the domestic market. He said the company would examine the State’s additional proposals, according to a release.

Boo Young Group expressed interest in setting up footwear and footwear components manufacturing operations in Andhra Pradesh and said it was evaluating investment opportunities in the State.

During the visit, Lokesh inaugurated APEX Korea, established by the Andhra Pradesh Economic Development Board (APEDB) as the State’s first overseas investment facilitation and outreach centre. Based in Busan, the centre will facilitate investor engagement, support new investments and provide aftercare services to existing investors.

Lokesh also held discussions with BNK Financial Group, inviting it to explore opportunities in Andhra Pradesh’s financial services, infrastructure and innovation ecosystem while encouraging the group to connect its global clients with investment opportunities in the State.

The delegation said it would examine the proposals presented by the Andhra Pradesh government, according to a release.