Sri City, a multi-product operational SEZ located 60 km from here, has offered to create an exclusive cluster for Korean firms inside the special economic zone.
The cluster approach is expected to give Sri City an edge in terms of location advantage should Korean firms consider setting up manufacturing bases in South India.
Sri City has already a cluster for Japanese firms.
Recently, Sri City invited South Korean Consul-General and representatives from about 30 South Korean companies located in and around Chennai to showcase its offerings in its SEZ, and informed them of its willingness to create an exclusive zone for Korean companies. “There are about 25 different national flags in Sri City now, we want to see Korean flag too,” Ravindra Sannareddy, Managing Director of Sri City, said.
``Though not many Korean companies have come to this part of the country, we intend to lure the firms that are waiting to come here. If Koreans come, our Golf Club project will also become reality. We have told them that we can offer land for developing the Korean cluster so that their companies can stay together,’’ he said.
“For social infrastructure too, we can offer land for the people who come forward to develop. China Town in the U.S. was built by Chinese not by Americans. Likewise, Little India in Singapore was built by Indians not by Singapore community. So, a little Korea can be built by them,’’ he added.
He said he had visited Korea earlier to woo investors into Sri City. ``But, it didn’t help,’’ he pointed out. He said the latest initiative was mainly to brief the Korean representatives on the advantages of Sri City so that they could refer Sri City ``when a new investor from their country seeks their help to build base here’’.
Sri City has so far attracted about Rs.18,500 crore worth of investments through 106 proposals. These units are expected to create about 20,000 direct jobs. Presently, 60 units have become operational.
“The good news now is that construction activities for all major investments such as Isuzu, Pepsi and Cadbury are going on at a frenetic pace. So, announcements have become reality,’’ he said.
To a question, he said, ``we now see good stability after a period of lull and uncertainty over bifurcation of the state.”
Mr.Reddy said Sri City would now focus on building social infrastructure. It would shortly commence its efforts in that direction, he added.