Taiwanese electronics giant Foxconn on Thursday signed an agreement with the government of Telangana to establish a manufacturing facility that has the potential to generate employment for over 100,000 people over the next decade.

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According to a statement released by the Chief Minister's office, Hon Hai Technology Group (Foxconn) and the state government have signed an agreement at Pragati Bhavan, where Foxconn Chairman, Young Liu, met with K. Chandrashekar Rao.

The statement also highlighted that the "historic deal" has the potential to create job opportunities for over 100,000 people in the state over a period of 10 years.

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The CM said his “government is on a mission to transform Telangana for better and has undertaken several marquee projects to realise the vision of Bangaru Telangana. Foxconn’s unit will help in generating large scale employment to youth and will help attract more such industries to the state.”

Rao emphasised that Telangana considers Taiwan as a natural partner and that the state is glad to be a part of Foxconn’s growth story.

The Chief Minister praised the company's significant investment, calling it "commendable." He also pledged to take necessary steps to ensure that these jobs are available to the state's youth, and assured Foxconn Chairman, Young Liu, of his government's support for the company's operations in the state.

Liu praised the friendly industrial development ecosystem that has been established in Telangana and expressed his happiness at the significant progress the state has made in the industrial sector, particularly in IT and related electronics sectors, in just eight years.

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Rao hosted lunch for the Young Liu and his team.

Later in the evening, Liu along with Telangana Minister KT Rama Rao inaugurated T Works a prototyping facility here.

Speaking to reporters, Liu said his company is looking at sites and is currently evaluating the kind of products to be made in Telangana.

The amount of investment depends on the products they plan to make.

With inputs from agency