It will create more than 4,000 employment opportunities

China-based Sunny Optical Technology (Group) Co. Ltd. (SOT) is going to invest ₹500 crore to establish a manufacturing unit and create more than 4,000 employment opportunities in the State.

IT Department Principal Secretary K. Vijayanand and representatives of the company signed the MoUs on Tuesday in the presence of IT Minister Nara Lokesh and SOT’s executive director and vice president Wang Wenjie, according to a release.

David Wang, CEO of SOT, said by August 2019 the company would start manufacturing a huge number of camera modules, lenses, vehicle camera modules, augmented reality and virtual reality products.

He said AP had the ecosystem required for companies to sustain which was the reason behind the company’s move to invest in India for the first time.

Mr. Lokesh said 30 of every 100 mobile phones being manufactured in India were coming from AP which was growing as a hub of electronics manufacturing units.

Mr. Lokesh thanked the management of SOT for choosing AP and assured all support for their establishment in Tirupati, SriCity or any other place.

He said more such companies were in the pipeline to set up units in the State, which targeted at bringing in companies that could altogether make 200 types of electronic components.