APEX Korea: AP’s Overseas Investment Centre Explained

Why in News?

• Andhra Pradesh inaugurated APEX Korea in Busan, South Korea, its first overseas investment facilitation and outreach centre.
• The centre was inaugurated by HRD, IT and Electronics Minister Nara Lokesh.
• It was established by the Andhra Pradesh Economic Development Board to strengthen investment engagement with Korean companies.
• The initiative aims to position Andhra Pradesh as a preferred destination for manufacturing, technology, maritime and export-oriented investments.

What is APEX Korea?

• APEX Korea stands for Andhra Pradesh External Engagement–Korea.
• It is Andhra Pradesh’s first permanent overseas investment facilitation and outreach centre, established in Busan, a major maritime and industrial hub of South Korea.
• The centre has been set up by the Andhra Pradesh Economic Development Board to act as a direct interface between the State government and Korean investors.

Objectives of APEX Korea

APEX Korea represents a shift from occasional investment roadshows to a sustained institutional presence in an important global market.

Its main objectives include:

• Facilitating new Korean investments in Andhra Pradesh.
• Acting as a permanent communication channel between the State and Korean companies.
• Coordinating with different departments of the Andhra Pradesh government.
• Providing aftercare services to existing investors.
• Building long-term business partnerships.
• Promoting Andhra Pradesh as a destination for manufacturing and technology investments.

This model reflects the growing role of Indian States in sub-national economic diplomacy.

Major Investment Outreach in South Korea

This shows Andhra Pradesh’s strategy of targeting multiple sectors such as maritime, manufacturing, finance and technology.

Maritime and Shipbuilding Cooperation

At a maritime investment roundtable organised by the Korea Marine Equipment Association, Andhra Pradesh invited Korean companies to invest in the proposed ₹30,000-crore Dugarajapatnam Shipbuilding Cluster.

The project is being jointly developed by:

• Andhra Pradesh Maritime Board
• Visakhapatnam Port Authority

The State proposed collaboration in:

• Korea Marine Equipment Desk
• Ship Technology Centre
• Skill development programmes
• Research initiatives
• Shipbuilding and marine equipment ecosystem

This is important because South Korea is one of the world’s leading shipbuilding and marine equipment hubs. Collaboration can help Andhra Pradesh develop a strong maritime industrial base.

Footwear Manufacturing Push

The Minister also met executives of Hwaseung Group and Boo Young Group to promote an integrated footwear manufacturing ecosystem in Andhra Pradesh.

The proposed footwear ecosystem will cover:

• Kuppam
• Tirupati
• Visakhapatnam

Hwaseung Group Proposal

Hwaseung Group has proposed a ₹900-crore non-leather footwear manufacturing facility in Kuppam.

Key features of the proposed plant:

• Annual capacity of 20 million pairs of sports shoes.
• Production for global brands, including Adidas.
• Primarily export-oriented manufacturing.
• Potential for future expansion of investment.

Boo Young Group Interest

• Boo Young Group expressed interest in exploring footwear manufacturing opportunities in Andhra Pradesh.
• This can support employment generation, export growth and industrial diversification in the State.

Financial Services and Innovation Cooperation

Minister Nara Lokesh also held discussions with BNK Financial Group.

The State invited BNK Financial Group to explore opportunities in:

• Financial services
• Infrastructure
• Innovation sectors

This indicates Andhra Pradesh’s interest in attracting not only manufacturing investment but also financial and innovation-driven capital.

Conclusion

The launch of APEX Korea marks an important step in Andhra Pradesh’s global investment outreach. By establishing a permanent presence in Busan, the State is moving towards institutionalised investment diplomacy. The focus on shipbuilding, footwear manufacturing, financial services and innovation can strengthen Andhra Pradesh’s industrial base, exports and employment generation. If supported by timely implementation, skill development and investor-friendly governance, APEX Korea can become a model for State-led global economic engagement and contribute to Andhra Pradesh’s long-term development.