Not only big companies such as Samsung, LG and Kia, but some newly-born South Korean start-ups like PUBG maker Krafton will be eager to invest in India and cooperate with Indian companies, Ambassador of South Korea to India Chang Jae-bok said on Thursday.
The Ambassador, who is in the city, today led a high-level delegation to meet Karnataka Chief Minister Basavaraj Bommai in the presence of Industries Minister Murugesh R Nirani, and also addressed the Korea-Karnataka Economic Cooperation Forum summit here.
Karnataka already has 40 Korean companies operating here, the Embassy of the Republic of Korea said in a release.
Jae-bok indicated expansion of the investment plans by the already India-based Korean companies as well as many start-ups looking forward to entering 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 said.
South Korea looked at the huge potential to expand their cooperation in the future, especially in terms of implementing the Make in India policy.
He further said, “Korea can be the best partner in diverse areas such as automobile, steel, chemicals, IT, startup, aviation and defence 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 leader in the electronics and automobile sector, and the state of Karnataka, which is a leader in technology, will give impetus to economic development on both sides.
“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 favourite as an investment destination. Karnataka is in the forefront among the states attracting about 38 percent of the total FDI flowing into the country,” Bommai was quoted as saying by his office.
According to the Embassy, the summit was part of its “Korea on the Move” initiative launched in Bengaluru on July 4-8. It is also organising Korea Fair in Bengaluru from July 6-10.
According to data from Korea’s Ministry of Trade, Industry, and Energy (MOTIE), bilateral trade between the two countries reached $23.7 billion (roughly Rs. 1,88,000 crore) in 2021, surpassing $21.5 billion (roughly Rs. 1,70,500 crore) in 2018. This was the highest-ever trade volume between the two countries, representing a 40 percent increase over the previous year’s total of $16.9 billion (roughly Rs. 1,34,000 crore).