Korea is keen to invest in India provided it improves its physical infrastructure
Korean trade minister, Kim Jong-Hoon called on the Korean companies to invest in the Indian Micro, Small and Medium Enterprise (MSME) sector while requesting lowering of entry barriers for Korean companies willing to invest in India to facilitate investment by Korean companies.
The minister stated this while addressing the Business Session on "India – South Korea: Building Strategic Relationship", organised by the Confederation of Indian Industry (CII), in New Delhi on Thursday.
Kim Jong-Hoon, who is on a visit to India to review implementation and expanding the India – Korea CEPA, said that the bilateral trade between India and Korea increased by more than 44 percent to about $17 billion, during last one year, since the implementation of CEPA.
Kim further said, Korea is strong in manufacturing, while India has a robust services sector, which provides complementarities for deeper cooperation. While expressing his commitment for facilitating work visa for Indian professionals, he called for greater movement of Indian IT professionals into South Korea.
Jung Soo Shin, Leader of Korean Business Delegation and CEO, Southwest Asia, Samsung Electronics, expressed keen interest of Korean companies to invest in India and Indian markets. He however, added that India must improve its physical infrastructure to become an attractive investment destination.