Taiwanese-based Allegiance Group has signed an agreement with the government of Telangana to establish the State’s first International Technology and Industrial Park (I.T.I.P) within the ‘Future City’.
In the first round, 11 companies, including firms specialising in electronics, solar energy, and advanced manufacturing, signed MOUs at a ceremony in Taipei, said a press release.
This collaboration is expected to attract Taiwanese foreign direct investments (FDI) of about ₹2,000 crore ($231.2 million) into the State’s economy. It is also expected to potentially create 1,00,000 direct and indirect jobs.
Chairman of Allegiance Group Simon Lee said: “Telangana has a large number of high-tech industries and a skilled workforce. We are aiming to merge foreign manufacturing advantages with India’s labour pool to create a thriving economy for all.”
The government of Telangana along with the Allegiance Group will also develop the “Formosa Town” project, exclusively for the Taiwanese community and the first township in India. The project aims to create a welcoming environment for expatriates working in the State, allowing them to make it their second home.
President of the Taiwan Chamber of Commerce in India (TCCIN) Ho Chun-hsin, senior officials from the government of Telangana and director general of the India Taipei Association (ITA) Manharsinh Yadav were also present.
Published – March 20, 2025 08:32 pm IST
