Korea is at the heart of Northeast Asia, one of the world’s top three economic regions & a global innovation leader.
There are around 500+ Korean companies who operate in India & in 2016-17 India & Korea had a Bilateral Trade of USD 16.8 Billion.
In 2015, Korea & India signed the framework of co-operation in the field of road transport & Highway & signed a MoU for co-operation in the fields of Maritime Transport & Logistics & also signed Mou for co-operation in electric power development & New Energy Industries.
Korea & India signed a MoU for co-operation & Mutual assistance in the development of parts in 2016 & Hyosung Co-operation inks Mou with Maharashtra with Investment of USD 100 Million.
Korea’s national investment promotion agency was established as part of the Korea Trade-Investment Promotion Agency (KOTRA) to support the entry and establishment of foreign businesses in Korea.
India-South Korea Bilateral Trade in 2017 reached $20 Billion, said Prime Minister Narendra Modi
Korea: Business-friendly investment environment:
Korea ranked the 4th easiest place in the world to do business & provides an ideal environment for business success, world-class infrastructure, intellectual property rights protection, high quality of life, FDI-friendly government policies, one-stop investment services and more.
South Korea’s Top 10 Major Export Companies:
- Samsung Electronics (semiconductors)
- Hyundai Motor (car/truck makers)
- Hanwha Corp (product trading, explosives)
- SK Holdings (oil, gas)
- Posco (iron, steel)
- KIA Motors (car/truck makers)
- Hyundai Heavy Industries (heavy equipment)
- Hyundai Mobis (automotive parts)
- LG Electronics (consumer electronics)
- SK Innovation (iron, steel)
Hyundai operates the world’s largest integrated Automobile manufacturing facility:
It is the 2nd largest Automobile manufacturer in India who Exports 150000+ ‘Made in India’ units to over 87 countries.
- In India, Samsung opens 15 smart Healthcare centres in Tamil Nadu & about 70000 Samsung phones & 10000 Samsung televisions sold in India every day.
- Korea has a well-established system for foreign direct investment and provides various incentives to induce investment & around 16,000 foreign companies are doing businesses in Korea in a variety of fields including finance, technology, motor vehicles and automotive parts, and medical service.
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Written By- Abhilasha Kumari
(Market Report & Research Analyst)