Karnataka and HyVision Forge Landmark Agreement to Boost Economic Ties

The Government of Karnataka has signed a crucial MoU with South Korean company HyVision to establish a manufacturing plant for camera inspection machines near the Foxconn facility. The deal was finalized during a delegation visit led by Minister MB Patil, aiming to fortify Karnataka's industrial landscape.

In a pivotal move to bolster Karnataka's economic framework, the state government has inked a significant Memorandum of Understanding (MoU) with South Korean firm HyVision in Seoul. This MoU marks the establishment of a manufacturing plant for camera inspection machines for smartphone camera modules, situated near the Foxconn facility.

This landmark pact was sealed on the final day of a delegation visit led by MB Patil, Minister for Large and Medium Industries and Infrastructure Development. The event saw HyVision represented by CEO Choi Doo-won and other senior executives. Known for supplying giants like Apple, Tesla, Hyundai, and Kia, HyVision will exploit Karnataka's robust electronics manufacturing ecosystem, buoyed by new incentives offering 30-35% subsidies, the highest in India.

The Karnataka delegation engaged in strategic discussions with LX International's executives, exploring potential expansion in the state. LX International, a spin-off from LG Corp, excels in developing electronic components and systems. The discussions showcased Karnataka's impressive semiconductor design capabilities and its substantial share in the national electronics market. High-level meetings with Samsung executives also emphasized Karnataka's leading role in Electronics System Design and Manufacturing (ESDM), solidifying its position as India's largest chip design hub.

Gratitude was extended to Amit Kumar, India's Ambassador to South Korea, and other key officials for facilitating the crucial meetings. The delegation underscored Bangalore's superior connectivity, infrastructure, and quality of life as compelling factors for global business investments, reaffirming Karnataka's dedication to attracting international investments and fostering technological innovation.

(Disclaimer: With inputs from agencies.)