Overview
- South Korea’s Hwaseung signed an MoU at the CII Partnership Summit in Visakhapatnam and committed to a plant in Kuppam, where Andhra Pradesh has allotted land.
- The project was earlier announced for Tamil Nadu and is projected to generate roughly 17,000–20,000 direct jobs across phases.
- AIADMK’s Edappadi K. Palaniswami and BJP leaders K. Annamalai and Nainar Nagendran accused the DMK government of losing a major investment and jobs.
- Industries Minister T.R.B. Rajaa rejected the criticism, citing a 77% MoU-to-project conversion rate since 2021 and saying Tamil Nadu will not join a 'race to the bottom' on incentives.
- An expert from the Korea Institute for International Economic Policy said effective industrial policy relies on precise targeting of resources rather than indiscriminate incentives.