Andhra IT Minister Lokesh invites South Korean BNK Venture Capital to mentor SMEs, startups

Amaravati, Jul 8 (PTI) Andhra Pradesh IT Minister Nara Lokesh on Wednesday invited South Korean BNK Venture Capital to mentor SMEs in the state and startups in investments, fund management and consulting. The IT minister, who is on a tour of South Korea to woo investors, met senior representatives from BNK Financial Group and BNK Capital, a release said. "Lokesh invited BNK Venture Capital to mentor, leveraging its expertise in investments, fund management, and consulting to support startups and small and medium enterprises (SMEs) in the state," it said. He also encouraged the group to explore opportunities to provide infrastructure financing for Andhra Pradesh's key development projects, including Amaravati, industrial parks, and power infrastructure. Lokesh requested the group to encourage its clients across sectors such as electronics, semiconductors, shipbuilding, and energy to consider Andhra Pradesh as a preferred destination for investments and manufacturing, the release said. Lokesh invited the group to establish a branch in the greenfield capital city and participate in Andhra Pradesh's long-term growth story. Responding to the proposals, Lee Kwang Jun, Managing Director of BNK Financial Group, and Son Dae Jin, CEO of BNK Capital, outlined the group's diversified financial services ecosystem. It includes three banks, Busan Bank, Kyongnam Bank, and BNK Savings Bank, along with securities, capital, asset management, credit information, IT systems, and venture capital businesses, the release said. The group operates 398 domestic branches in South Korea and 75 overseas outlets across China, India, Southeast Asia, and Central Asia. One of South Korea's three leading regional financial holding groups, BNK Financial Group, manages consolidated assets worth approximately USD 101.9 billion, around Rs 9.64 lakh crore, the release added. Later, Lokesh inaugurated APEX Korea (Andhra Pradesh External Engagement - Korea), a dedicated investor facilitation and outreach centre established by the Andhra Pradesh Economic Development Board (APEDB) in Busan, South Korea. Conceived by the Andhra Pradesh government, APEX Korea is a first-of-its-kind initiative for the state, creating a permanent on-ground platform to strengthen investment partnerships with South Korea and provide dedicated support to Korean businesses. APEX Korea will serve as a dedicated bridge between the Government of Andhra Pradesh and Korean companies looking to invest in the state, Lokesh said. According to the IT minister, APEX Korea will also function as an investor 'aftercare' centre by extending continued facilitation services to Korean companies already operating in Andhra Pradesh. Further, Lokesh said the establishment of APEX Korea reflects the government's commitment to taking Andhra Pradesh's investment promotion efforts beyond traditional roadshows. The initiative is expected to deepen engagement with Korean industry, attract fresh investments, and reinforce Andhra Pradesh's position as a preferred destination for global manufacturing and technology investments, the release said. Later, Lokesh invited Korean companies to invest in the Rs 30,000-crore Dugarajapatnam Shipbuilding Cluster, and pitched an integrated footwear manufacturing ecosystem spanning Kuppam, Tirupati and Visakhapatnam through engagements with leading global footwear manufacturers Hwaseung Group and Boo Young Group. At a maritime investment roundtable organised by the Korea Marine Equipment Association (KOMEA), Lokesh showcased Andhra Pradesh's advantages as India's emerging maritime manufacturing hub, highlighting its 1,053-kilometre coastline, expanding port infrastructure and industrial ecosystem. He also invited KOMEA to partner with Andhra Pradesh Maritime Board (APMB) on a dedicated Korea Marine Equipment Desk, an India Ship Technology Centre, joint skill development initiatives and collaborative R&D programmes. Continuing Andhra Pradesh's focused outreach to the global footwear industry, Minister Lokesh met senior executives of Hwaseung Group and Boo Young Group. Thanking Hwaseung for its proposed Rs 900-crore greenfield non-leather footwear manufacturing facility in Kuppam, the Minister proposed expanding the investment through an Integrated Footwear Component & Material Manufacturing Facility, a Next-Generation Athletic Footwear R&D and Asia-Pacific Innovation Centre. Heo Seong Ryon, CEO of Hwaseung Corporation's Affiliated Business, said the Kuppam facility would manufacture 20 million pairs of sports shoes annually for leading global brands, including Adidas, initially catering to export markets before expanding into the domestic market, the release said. Boo Young Group expressed interest in establishing footwear and footwear components manufacturing in Andhra Pradesh and informed the Minister that it is evaluating investment opportunities in the state, the press release added. PTI STH ADB