Business
Footwear Giant Pou Chen Steps Into Tamil Nadu With Rs 23.02 Billion Investment, Set To Create 20,000 Jobs
Swarajya Staff
Apr 17, 2023, 05:31 PM | Updated 05:31 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Taiwanese footwear maker Pou Chen, which produces shoes for global brands such as Nike, Adidas, New Balance, and Timberland, will invest Rs 23.02 billion in a new manufacturing facility in Tamil Nadu, reported Reuters.
This new facility is expected to create around 20,000 jobs in Tamil Nadu over the next 12 years.
The move comes after the company manufactured and shipped over 272 million pairs of shoes globally in the financial year 2022, up almost 14 per cent from the previous year.
Pou Chen already operates plants in Bangladesh, Cambodia, Myanmar, and Vietnam.
In a meeting with Tamil Nadu Chief Minister M.K. Stalin, Pou Chen Vice President George Liu said: “We hope this would be the first of many investments to come (in India).”
Last year, Taiwanese peer Hong Fu Group signed a deal to invest Rs 10 billion to produce footwear in the southern state.
Tamil Nadu has been responsible for 45 per cent of India's footwear exports in the last five years, with several high-end brands, including Gucci and Giorgio Armani, sourcing raw materials from or producing their goods in the state, according to government agency report.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.