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2014-10-18

Samsung to make big investments, LG bullish on business climate

Government has set a target to have net zero import of electronics by 2020.

Korean technology major Samsung has committed to big investments in India in a meeting with Telecom Minister Ravi Shankar Prasad, while LG expressed great faith in the "changed investment climate", says a PTI report.

 

While attributing the success of Samsung to Indian engineers, Samsung IT and Mobile Communications President and CEO Jong Kyun Shin in the meeting with Prasad "expressed great hope in the India's 4G mobile market and expressed his desire to make big investments in India", Telecom Ministry said in a statement.

 

The minister also talked about National Optical Fiber Network programme -- which aims to connect all 2.5 lakh village panchayat by 2017 -- and the Smart City plan.

 

Government has plan to develop 100 smart cities, as satellite towns of larger cities and by modernizing the existing mid-sized cities.

 

Prasad is on 5-day trip to South Korea to woo investments in the country in the field of electronics manufacturing and under 'Make In India' program of government.

 

Government has set a target to have net zero import of electronics by 2020.

 

As per official estimates, Indian electronics market will be around $ 400 billion (about Rs 24 lakh crore) by 2020 and in the absence of corrective measures to boost electronics manufacturing, those imports would be around $ 300 billion (about Rs 18 lakh crore) by the same year.

 

The telecom minister will also attend the Plenipotentiary Conference 2014 of the International Telecom Union-- an arm of United Nations which decides on global telecom rules and standards.

 

The Minister met LG Electronics Vice Chairman and CEO Bon Joon Koo who "expressed great faith in the changed investment climate in India".

 

"The Minister desired LG Electronics to make India its global manufacturing hub," the statement said.

 

Prasad also met LG Chemical President Young Soo Kwon and shared the vision of Indian government for promoting solar power as a clean source of energy and appealed for its investment in the country.

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