TAIPEI (Taiwan News) — The government of Telangana, India, and Allegiance Group, a Taiwanese business conglomerate, have agreed to establish the first India Taiwan Industrial Park in the state's “Future City.”

A memorandum of understanding signing ceremony was held on Wednesday at the India-Taipei Association in Taipei.

Allegiance Group will partner with Telangana state to build a 265-acre industrial zone, which is expected to generate 200 billion rupees (NT$76.4 billion) in commercial investments and create 100,000 direct and indirect jobs, according to ITA. 

Telangana will enhance resource allocation in the manufacturing vertical supply chain to accelerate the development of its "Future City," India’s largest domestic and international trade hub. The initiative aims to “ensure exponential growth for all foreign businesses, promote government-business prosperity, and support sustainable ecological development,” ITA said.

The Telangana government and Allegiance Group will also team up to create India’s first Taiwanese business community, the "Formosa Living Park," which will provide a sense of belonging for Taiwanese entrepreneurs in India.

ITA Director-General Manharsinh Laxmanbhai Yadav said in a speech the deal marks a new chapter in Taiwan's business expansion into India’s “Golden Decade” and is a milestone in India-Taiwan cooperation.

Allegiance Group President Lee Che-yu (李哲瑜) praised Telangana's role as India’s future central hub and highlighted its advantages in high-tech industries and its abundance of highly skilled engineers. He added that by integrating foreign manufacturing capabilities with India’s workforce, the initiative aims to build a strong, “win-win economy” for both domestic and export markets.