Bengaluru, Jul 7: Not solely huge corporations similar to Samsung, LG and Kia, however some newly-born South Korean start-ups like PUBG maker ‘Krafton’ can be desperate to put money into India and cooperate with Indian corporations, Ambassador of South Korea to India Chang Jae-bok mentioned on Thursday.
The Ambassador, who’s within the metropolis, as we speak led a high-level delegation to satisfy Karnataka Chief Minister Basavaraj Bommai within the presence of Industries Minister Murugesh R Nirani, and likewise addressed the “Korea-Karnataka Financial Cooperation Discussion board” summit right here.
Karnataka already has 40 Korean corporations working right here, the Embassy of the Republic of Korea mentioned 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 coming into India.
“On this strategy of bilateral financial cooperation, it’s affordable for Korean corporations to proceed and improve their investments in India. I consider that not solely huge corporations similar to Samsung, LG, Kia but additionally some newly-born Korean start-ups, like Krafton, can be desperate to put money into India and cooperate with Indian corporations,” he mentioned. South Korea seemed on the enormous potential to increase their cooperation sooner or later, particularly when it comes to implementing the ‘Make in India’ coverage.
He additional mentioned, “Korea may be the perfect companion in numerous areas similar to car, metal, chemical substances, IT, startup, aviation and defence business. Bilateral financial exchanges are solely set to develop additional with the conclusion of recent negotiations on CEPA.” Chief Minister Bommai opined that the strengthening of ties between the Republic of Korea, which is a pacesetter within the electronics and car sector, and the state of Karnataka, which is a pacesetter in expertise, will give impetus to financial growth on either side.
“It’s a matter of delight that Karnataka has had shut ties with Korea for a lot of many years. It’s commendable that Korea is manufacturing glorious merchandise with state-of-the-art expertise. India and Karnataka state are rising as main economies with expert human assets. India is a scorching favorite as an funding vacation spot. Karnataka is within the forefront among the many states attracting about 38 per cent of the whole FDI flowing into the nation,” Bommai was quoted as saying by his workplace.
In line with the Embassy, the summit was a part of its Korea on the Transfer initiative launched in Bengaluru on July 4-8. Additionally it is organising Korea Honest in Bengaluru from July 6-10. In line with knowledge from Korea’s Ministry of Commerce, Trade, and Power (MOTIE), bilateral commerce between the 2 international locations reached USD 23.7 billion in 2021, surpassing USD 21.5 billion in 2018. This was the highest-ever commerce quantity between the 2 international locations, representing a 40 per cent improve over the earlier 12 months’s complete of USD16.9 billion.