Taiwanese-based Allegiance Group has partnered with Telangana government to set up the state’s first international technology and industrial park (ITIP) in the ‘Future City’. Eleven companies, specialising in electronics, solar energy, and advanced manufacturing, signed MoUs in Taipei, marking a significant step in the collaboration.

The project is set to bring Rs 2,000 crore (USD 231.2 million) in Taiwanese foreign direct investment (FDI) and generate around 1,00,000 direct and indirect employment.

Chairman Simon Lee stated “Telangana has a large number of high-tech industries and a skilled workforce. We are aiming to merge foreign manufacturing advantages with India’s labour pool to create a thriving economy for all.”

Additionally, the state government and Allegiance Group will develop "Formosa Town," India’s first township exclusively for the Taiwanese community, fostering a home-like environment for expatriates. The agreement was signed in the presence of officials from the Taiwan Chamber of Commerce in India (TCCIN), the Telangana government, and the India Taipei Association (ITA).