Well known Chinese telecommunications company, ZTESoft will now join hands with AP State Govt to set up a joint incubation center and smart city innovation hub in Kakinada.
A letter of intent was already signed to this effect between AP Information Technology, Electronics and Communication Department and the Chinese firm. As part of the deal, the new innovation hub at Kakinada will be an active collaboration between Shenzhen and AP. This incubation center will be a 85:15 venture between the two entities (Innovation Society of AP and Qinhai Authority along with ZTESoft.
The AP State Govt will invest Rs 13.60 Cr on this project, while ZTRSoft will pitch in Rs 2.40 Cr. There is a great opportunity with the arrival of incubation center at Kakinada, as the scope reflects direct employment generation for over 670 people and indirect avenues for close to 2,500 people in the coming three years.
Predictably, the CM Sri N Chandrababu Naidu wants the incubation center at Kakinada to come up in a typical Shenzhen style. The collaboration has been agreed upon for the next three years. Long term plans are to develop the innovation hub and support raising of funds close to Rs 1000 Cr from China. The mission is undoubtedly to establish talent and support infrastructure that is deserving of a world class tech startup ecosystem.