[Hello India] Telangana: Gateway for Korean companies to access India's market

Revanth Reddy, the chief minister of Telangana, a southern-central state in India with a population of nearly 40 million, in line with its "Future State" project, an urban development initiative focused on transforming the state into a smart, technologically advanced hub.

Key projects under this initiative include the development of an AI City and Net Zero City, which are set to revolutionize urban living, he said as he sat down for an interview with The Korea Herald in Seoul on Monday.

“This will be India’s first Net Zero City,” he said, referring to Hyderabad, the capital of Telangana, which aims to become an artificial intelligence hub and a sustainable manufacturing zone.

The city is also working on rejuvenating the Musi River with a massive waterfront development project, he said, adding that the city was studying Korean infrastructure practices.

Reddy's trip to Seoul earlier this week was only his second overseas trip, following one to the United States.

The young leader said he chose South Korea over more traditional destinations like Europe or Japan because of his interest in the ambition and innovation of the Korean people, particularly in the automobile and semiconductor industries, as well as its history of rapid industrialization.

Highlighting the similarities between Hyderabad and Seoul -- such as their climate, cuisine, and shared cultural values -- he expressed a keen interest in learning from Seoul's best practices.

"I wanted to see how Seoul city is developed, especially with your riverfront project, as we plan to develop the Musi riverfront in Hyderabad," he said.

He emphasized that these insights could play a crucial role in the continued development of Hyderabad, drawing inspiration from Seoul's successful urban and economic strategies.

Hyderabad, known as the "vaccine capital of the world," produces over 35 percent of the world's human vaccines and hosts Asia's largest life science cluster with more than 800 pharma and biotech companies, according to Reddy.

The city is also rapidly becoming a hub for the aerospace, defense, EVs, and electronics sectors, with some South Korean companies like Youngone and Hyundai already having a significant presence in Telangana, he said.

Reddy emphasized mutual benefits and Telangana's commitment to business growth and innovation, citing the Indian state as a gateway to the local markets due to its strategic location.

"This morning, I met with the LS Group Chairman, Koo Ja-eun, and he showed keen interest in investing in Telangana. We have to see how it moves forward," Reddy said.

Reddy and Koo talked about potential areas of investment in electric wires, secondary batteries, and new food sources. The Korean company established LS Cable & System India in Haryana in 2008 to produce communication cables, including coaxial cables and radio frequency antennas.

"Seeing is believing. Come and see Hyderabad, and you will believe it," said the chief minister, when asked about the hesitation some Korean companies might have about entering the Indian market, assuring a safe and profitable environment with a democratic system and a young, skilled workforce.

"Korea needs to find a 'China plus one' country, and Telangana, with its strong ecosystem, is the door to India," he said.

"Your investment is safe, and you are going to get a profit. I can secure your investment and assure your profit."

Another key takeaway from his trip to Korea is the realization that an Asian city can achieve global success while preserving its cultural identity, rather than simply emulating Western standards.

"Hyderabad is a heritage city with a rich history. We now aim to build a fourth city, the Future City, as an answer to global challenges in technology and skills," he said.

"A cosmopolitan city with a mixed culture and favorable weather, it is a place where you can work 365 days a year," he said.

Telangana has the potential to emerge as a key Indian state, he noted, pointing to its thriving economy and the rapid development of its capital city, Hyderabad.

According to the Telangana government, from 2012–13 to 2022–23, Telangana's average annual gross state domestic product growth was 12.6 percent, compared to India's overall growth rate of 11 percent.

Reddy aims to make Telangana a $1 trillion economy within the next 10 years. Meanwhile, the Indian central government plans to become the world's third-largest economy with a gross domestic product of $5 trillion by 2027. From there it aims to reach $7 trillion by 2030, and achieve a "developed country" status by 2047.

Regarding Prime Minister Narendra Modi's goal of creating a $5 trillion economy for India, Reddy envisions Telangana contributing one-fifth of that target, aiming for a $1 trillion economy within the state.

According to the chief minister's office, both Indian and Korean people cherish strong family bonds and share a passion for movies and dramas. Korean films and series are popular in India, much like Telugu cinema, or Tollywood.

Both cultures share a deep passion for food, evident in Hyderabad's vibrant street food scene, making Korea a natural partner for the Telugu people.

Meanwhile, he also invited Koreans to experience Telangana's deep-rooted cultural connection to Buddhism, citing sites such as Nelakondapalli, Dhulikatta, Phanigiri, and Kolanpaka, highlighting their significance in the spread of Buddhism in the region.

He mentioned Nagarjuna Sagar's Buddha Vanam, a theme park dedicated to Mahayana Buddhism and Telangana a hub for Buddhism between the 1st century BC and the 4th century AD, that played a bridging role in spreading Buddhism to Sri Lanka and Southeast Asia.

Concluding the interview, he encouraged Koreans to visit Hyderabad's iconic landmarks such as Charminar, Golconda Fort, Qutb Shahi Tombs, Warangal Stupa, and Bhongir to experience the region's rich blend of culture, history, and modern development.

Profile:

Revanth Reddy, an Indian National Congress politician, has been the chief minister of Telangana since 2023. He also serves as the minister of municipal administration and urban development. Reddy represents the Kodangal constituency in the Telangana Legislative Assembly. He previously represented Malkajgiri in the parliament, and led his party to victory in the 2023 state elections. He holds a bachelor of arts degree from Osmania University.