Hwaseung Footwear Group Steps Into India: A Game-Changer for Tamil Nadu

South Korea's Hwaseung Footwear Group has announced a significant investment of Rs 1,720 crore to establish its first non-leather footwear manufacturing unit in India. The new facility, set to rise in Tuticorin, Tamil Nadu, is expected to generate 20,000 direct jobs, according to Industries Minister TRB Rajaa.

This development follows the Tamil Nadu government's recent TN Rising Investors Conclave, where the state inked 41 MoUs totaling commitments of Rs 32,553.85 crore in investments. These agreements are anticipated to create approximately 49,845 jobs, contributing to inclusive growth across the state.

Minister Rajaa highlighted that nearly 77% of MoUs signed since 2021 have been successfully transformed into viable projects. The overall value of investments attracted by Tamil Nadu since 2021 is around Rs 10.32 lakh crore, underlining the state's growing appeal to multinational companies.

(With inputs from agencies.)