Gujarat’s delegation invites South Korea’s Youngone Corporation to invest in textiles while securing major expansion commitments from Japanese automotive giants to boost the state’s industrial growth ahead of the Vibrant Gujarat Global Summit.
Gujarat Delegation Targets Textile Investment in South Korea
As part of the Vibrant Gujarat Global Summit initiative, a high-level Gujarat delegation visiting South Korea held a meeting with leading global textile company Youngone Corporation in Daegu. The meeting was attended by senior company officials, including its President, Jae-young Park. Youngone Corporation is a leading global company in outdoor sportswear, performance apparel, and textile manufacturing, employing around 100,000 people worldwide. It is also a major producer of high-quality fabrics and synthetic materials.
During the meeting, Deputy CM Harsh Sanghavi invited Youngone Corporation to invest in Gujarat and establish joint ventures in the state. He highlighted that Gujarat accounts for nearly one-third of India’s man-made fibre production and offers a complete textile value chain, from cotton production to ready-made garments. Sanghavi also highlighted the investment opportunities for global companies like Youngone Corporation at the PM MITRA Textile Park, being developed across 1,142 acres in Navsari. He noted that Gujarat’s industry-friendly policies, port infrastructure, and strong logistics connectivity offer significant advantages for investors. He also invited the company’s representatives to attend the upcoming Vibrant Gujarat Global Summit and visit Gujarat’s textile clusters.
Strategic Industrial Engagements in Japan
Earlier, the Gujarat Deputy CM held meetings in Tokyo while leading the state government delegation to Japan on October 21. According to the Gujarat Government, Sanghavi, in a single day, addressed two mega roundtables with a total of 129 Japanese companies, comprising a luncheon roundtable with 57 industrialists from various sectors and an automobile supply chain roundtable with 72 Suzuki suppliers.
Expanding the Automobile and Manufacturing Ecosystem
During the visit, Sanghavi met Suzuki Motor Corporation President Toshihiro Suzuki, State Minister of Foreign Affairs of Japan Nakasone Yasutaka, and Governor of Iwate Prefecture Takuya Tasso. He held individual meetings with 11 other major Japanese companies, including Sumitomo Chemical, Furukawa Electric, Honda, Tokyo Electron, Kyowa Leather, JERA, MUFG Bank, Marubeni, Sanrio, Meiraku, and Moririn.
Highlighting the key outcomes of the day, Suzuki Motor announced that its Gujarat production, which has reached 10 lakh cars a year, is set to double to 20 lakh cars in the coming years, while 24 new suppliers from the Suzuki supply chain expressed keenness to set up operations in Gujarat on a fast-track basis.
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