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Big Opportunity For Korea-India Business Partnership

Wednesday, May 18, 2016
By Dominic Rebello

“With the governments plan of Make in India, Clean India, Digital India, Stand up India, Start up India, the growth prospect will rise quickly,” said Hyo Choon Yoon, MD, KOTRA at The Korea-India Business Partnership Forum 2016 held yesterday at Mumbai.

“India is growing at 7.5% and things are looking better, which is a very good opportunity for Korea to invest in India. The ease of doing business in India policy of the government will help the two countries to collaborate in a better way. The government has plans for 100 smart cities. US has adopted 3 smart cities or intelligent cities. We would like Korea to adopt 5 smart cities. It is estimated that around 250 mn people from the rural areas will migrate to the cities in the coming 10 years,” said  Vijay Kalantri, President, All India Association of Industries and Vice Chairman, World Trade Centre Mumbai.

Smart cities are a big opportunity which should be looked at by Korea as there will be just one nodal agency, Kalantri added. He also urged Korea to use India as a hub for exports.

“Gyeonggi Province is known for its IT, Biotechnology, semi conductors and other industries. With cutting edge technologies we are planning to create zero cities with zero waste, zero carbon emissions, zero pollution,” said Bok Wan Yang, Vice Governor, Gyeonggi Province.

“India is ranked 3rd after US and China in terms of purchasing power parity. LG Chemicals is planning to invest 200 mn in Gujarat soon,” said Soungeun Kim, Conulate General of the Republic of Korea.

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