Bengaluru, Jul 7: Not solely large corporations comparable to Samsung, LG and Kia, however some newly-born South Korean start-ups like PUBG maker ‘Krafton’ shall be desirous to spend money on India and cooperate with Indian corporations, Ambassador of South Korea to India Chang Jae-bok stated on Thursday.
The Ambassador, who’s within the metropolis, right this moment led a high-level delegation to fulfill Karnataka Chief Minister Basavaraj Bommai within the presence of Industries Minister Murugesh R Nirani, and in addition addressed the “Korea-Karnataka Economic Cooperation Forum” summit right here.
Karnataka already has 40 Korean corporations working right here, the Embassy of the Republic of Korea stated in a launch. Jae-bok indicated enlargement of the funding plans by the already India-based Korean corporations in addition to many start-ups wanting ahead to getting into India.
“In this process of bilateral economic cooperation, it is reasonable for Korean companies to continue and increase their investments in India. I believe that not only big companies such as Samsung, LG, Kia but also some newly-born Korean start-ups, like Krafton, will be eager to invest in India and cooperate with Indian companies,” he stated. South Korea regarded on the large potential to broaden their cooperation sooner or later, particularly when it comes to implementing the ‘Make in India’ coverage.
He additional stated, “Korea can be the best partner in diverse areas such as automobile, steel, chemicals, IT, startup, aviation and defense industry. Bilateral economic exchanges are only set to grow further with the conclusion of new negotiations on CEPA.” Chief Minister Bommai opined that the strengthening of ties between the Republic of Korea, which is a frontrunner within the electronics and vehicle sector, and the state of Karnataka, which is a frontrunner in expertise, will give impetus to financial improvement on either side.
“It is a matter of pride that Karnataka has had close ties with Korea for many decades. It is commendable that Korea is manufacturing excellent products with state of the art technology. India and Karnataka state are emerging as major economies with skilled human resources. India is a hot favorite as an investment destination. Karnataka is in the forefront among the states attracting about 38 per cent of the total FDI flowing into the country,” Bommai was quoted as saying by his workplace.
According to the Embassy, the summit was a part of its Korea on the Move initiative launched in Bengaluru on July 4-8. It can also be organizing Korea Fair in Bengaluru from July 6-10. According to knowledge from Korea’s Ministry of Trade, Industry, and Energy (MOTIE), bilateral commerce between the 2 nations reached USD 23.7 billion in 2021, surpassing USD 21.5 billion in 2018. This was the highest-ever commerce quantity between the 2 nations, representing a 40 per cent improve over the earlier yr’s whole of USD16.9 billion.