Gujarat Dy CM Harsh Sanghavi Pitches Investment Opportunities to Youngone Corporation
Gujarat Dy CM Harsh Sanghavi meets Youngone Corporation in South Korea, pitching the state's textile value chain and PM MITRA Park.
In a strategic move to bolster the state's industrial landscape, Gujarat Deputy Chief Minister Harsh Sanghavi has invited the South Korean textile giant, Youngone Corporation, to explore investment opportunities within the state. The invitation comes as part of the broader Vibrant Gujarat Global Summit initiative, aimed at attracting global capital and partners.
Textile Powerhouse: The Pitch to Youngone
During a high-level visit to South Korea, a Gujarat government delegation led by Sanghavi met with senior officials of Youngone Corporation in Daegu. The meeting, which included theone Corporation's President, Jae-young Park, focused on the possibilities of establishing joint ventures in Gujarat.
Youngone Corporation is a global leader in the production of high-quality fabrics, synthetic materials, outdoor sportswear, and performance apparel, employing approximately 100,000 people globally. Given the company's scale, the state government is Gujarat's keen interest in attracting its investment.
The Gujarat Advantage
Deputy CM Sanghavi highlighted several key strengths of the state's textile sector, emphasizing that Gujarat accounts for nearly one-third of India's total man-made fibre production. He pointed out that the state offers a comprehensive textile value chain, spanning from the production of cotton to the final ready-made garments.
A major highlight of the the invitation was the PM MITRA Textile Park in Navsari. Spanning 1,142 acres, this massive project is designed to provide a world-class infrastructure for textile companies. Sanghavi noted that the state's industry-friendly policies, robust port infrastructure, and strong logistics connectivity provide a significant competitive edge for international investors.
The Deputy CM also extended an invitation to Youngone Corporation's representatives to visit the state's textile clusters and attend the upcoming Vibrant Gujarat Global Summit.
Expanding the Footprint: Successes in Japan
The delegation's visit to South Korea occurred shortly after a series of high-impact meetings in Tokyo, Japan, on October 21. In a single day, Deputy CM Sanghavi addressed two mega roundtables featuring 129 Japanese companies. This the state government's aggressive pursuit of global investment.
- Automobile Sector: Sanghavi met with Suzuki Motor Corporation President Toshihiro Suzuki. In a significant development, Suzuki Motor announced that its Gujarat production, which currently stands at 10 lakh cars per year, is set to double to 20 lakh cars in the coming years.
- Corporate Meetings: The Deputy CM held individual meetings with 11 major Japanese firms, including Honda, Sumitomo Chemical, Tokyo Electron, and MUFG Bank, among others.
- Diplomatic Ties: The meeting included discussions with the State Minister of Foreign Affairs of Japan, Nakasone Yasutaka, and the Governor of Iwate Prefecture, Takuya Tasso.
Furthermore, 24 new suppliers from the Suzuki supply chain expressed their keenness to set up operations in Gujarat on a fast-track basis, signaling strong international confidence in the state's industrial ecosystem.