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Electronics major Foxconn will set up a manufacturing facility in Telangana with employment generation potential for over one lakh people.

This was announced after Foxconn Chairman Young Liu met Telangana Chief Minister K. Chandrasekhar Rao here on Thursday.

Hon Hai Technology Group (Foxconn) and the Government of Telangana signed an agreement at the Pragati Bhavan, the official residence of the Chief Minister.

The historic deal has the potential to generate employment for more than one lakh people over a period of 10 years, said the Chief Minister's Office (CMO).

It was not revealed how much the Taiwanese company will invest in this facility.

"Foxconn's unit will help generate large-scale employment for the youth and will help attract more such industries to the state," said KCR, as the Chief Minister is popularly known.

He said that Telangana considers Taiwan as a natural partner, addind that the state is glad to be a part of Foxconn's growth story.

KCR and Liu discussed the importance of diversifying electronics manufacturing for a resilient supply chain and the pivotal role to be played by the state governments. The Chief Minister said that the government has been successful in implementing a new industrial policy which is attracting huge investments in Telangana.

KCR said that Foxconn's huge investment and the opportunity to create more than one lakh jobs like never before in Telangana is commendable. Steps will be taken to ensure that one lakh jobs are available for the local youth as much as possible, he added.

The Chief Minister also assured the Foxconn Chairman that the state government will provide all kind of support to the electronics major for its operations in the state.

Young Liu on his part said that his organisation has studied extensively about Telangana, as he praised the friendly industrial development ecosystem created in the state.

The Foxconn Chairman also expressed happiness over the progress achieved by Telangana in the industrial sector, especially in IT and related electronics sectors, in just eight years, adding that he is optimistic about the investments of his company in the southern state.

Since it was also Young Liu's birthday on Thursday, KCR presented a specially-designed greetings card to him besides hosting a lunch in his honour.

Minister for IT and Industry, K.T. Rama Rao, some other ministers and top officials were also present on the occasion.