90 South Korean firms hear India’s business pitch

Seoul, March 21 (IANS) More than 90 South Korean companies participated here Thursday at a symposium on business opportunities in India’s infrastructure, power, electronics, and IT sectors.

The Embassy of India, Seoul organized the major symposium on business opportunities in India with active support of Indian Chambers of Commerce in Korea.
Over 90 South Korean companies, from the electronics, communications & IT, infrastructure and power sectors attended the symposium, which was flagged off by Ambassador Vishnu Prakash.
He spoke about the transformed bilateral relations anchored on the foundation of sturdy economic and commercial ties.
Kim Jong-hun, senior vice president of Hyundai, described Hyundai group’s positive experience in India. Hyundai is currently producing over 630,000 vehicles annually and is involved in other infrastructure development projects.
Dhanendra Kumar, former chairman of the Competition Commission of India, highlighted opportunities in India’s infrastructure, power, electronics, and IT sectors, elaborating on the recent wave of reforms, which had enhanced the attractiveness of the huge Indian market for foreign investors.
South Korea, which traditionally invests three times more abroad than its in-bound FDI, is actively looking at expanding its industrial footprint in India.
Korea Trade-investment Promotion Agency has reportedly signed an agreement with Rajasthan government last week to set up an exclusive Korean Special Economic Zone in an area of 250 acres.
Trade and economic relations between India and South Korea have grown from strength to strength in recent years. Trade increased over 200 percent during 2006-11. India is now the 12th largest trading partner of South Korea.
Bilateral trade has been growing at 20 percent annually on an average, over the last five years. Bilateral trade stood at $17.39 billion during the January-November 2012 period. A target of $40 billion in bilateral trade has been set for 2015.