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2013-03-13

Korea, Rajasthan signs MoU to support Korean entrepreneurs

The Government of South Korea is fully committed to support Korean entrepreneurs to set up their units in Rajasthan as part of overall bilateral relations between the two countries.

The Government of South Korea is fully committed to support Korean entrepreneurs to set up their units in Rajasthan as part of overall bilateral relations between the two countries.

Joon-Gyu Lee, Ambassador of the Republic of Korea to India on Tuesday said his government was very upbeat about trade relations between the two countries, which have been growing substantially in the past few years. He was speaking during the ceremony of the signing of the Memorandum of Understanding (MoU) for setting up an exclusive Korean Industrial zone in Rajasthan.

The MOU was signed between The Rajasthan State Industrial Development and Investment Corporation (RIICO) and South Korean Trade Promotion Agency (KOTRA). The zone is being set up at Ghilot in Neemrana, which is a fast emerging industrial centre in the NCR region.

“There was a lot of potential which can be tapped by Korean industry in future, particularly because of the upcoming Delhi-Mumbai Industrial Corridor, forty per cent of which passed through Rajasthan," added Lee while asserting that this will provide further impetus to trade.

Sunil Arora, Additional Chief Secretary, Industries and Chairman, RIICO said that the state government had put in place systems for early and transparent clearances of investment projects.

With this, Rajasthan will become the first and the only state to host two country specific exclusive manufacturing zones.

Anil Sinha, Head Advisor (Services), International Finance Corporation (IFC), South Asia, which had facilitated the negotiations between RIICO and KOTRA, said Rajasthan had been identified by the IFC as a focus state for promotion as an industrial destination.

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