Korea is keen on expanding its business footprint in the State, Shin Bong-kil, Ambassador of the Republic of Korea to India, has said.
The Kerala government has evinced interest in Korean investment in sectors such as electronic hardware manufacturing industry; research and development (R&D), innovation, and knowledge-based industry; infrastructure development, particularly port development; shipbuilding and shipyard development; and Ayurveda medical tourism, he said.
He was addressing presspersons ahead of the Korean Caravan, an event organised by the Korean embassy to improve understanding between Korea and Indian States for furthering business and cultural cooperation, at Kovalam on Wednesday.
The Korean Caravan is an annual event that introduces South Korean business and culture in various places and explores business opportunities there. Each year, the Caravan visits two States. This year, it is touring Uttar Pradesh and Kerala, prompted by the two States’ enthusiastic response to the proposal.
The Caravan will include a business forum on Wednesday afternoon and cultural performance inspired by martial arts on Thursday.
Mr. Bong-kil said Kerala was an untapped destination for most Korean business except for electronics and car giants such as LG, Samsung, and Hyundai. His delegation to the State also included Korean companies such as Korean Air, steel companies, banks, Korea Electric Power Corporation, and firms engaged in shipbuilding.
The forum was more of an exploration of opportunities, rather than signing of memorandums of understanding, he said.
Vietnam had, in recent times, become the biggest destination for Korean investment. While the volume of trade between India and Korea was $20 billion last year, it was $240 billion between Korea and China, he pointed out. India’s size and diversity made it difficult to do business here. “However, with introduction of GST in India, Korea sees a real opportunity in the country’s growing economy,” he said.
Mr. Bong-kil said he was keen on seeing an increase in Indian investment in Korea. Automaker Mahindra had invested in the Korean automarket and was doing well. Small businesses such as restaurants and Ayurveda massage parlours were also making their presence felt.
While there were not enough possibilities for direct flights from Kerala to Korea, the possibility of bringing Korean tourists to the State by clubbing it with Sri Lanka was being explored, he said.
Cultural exchanges
Steps would be taken to improve cultural exchanges between both the countries, he said, adding that visa procedures would be simplified for Indians.
About the recent floods in the State, the Ambassador denied that the Kerala government had asked for any aid for rebuilding the State.
The UAE fund controversy had come to his attention, and though the embasssy had funds that could be given as humanitarian aid, India’s policy of not receiving aid for natural disasters had precluded it.
However, Korean companies with presence in the State had donated money and relief material to the affected people.
He had also spoken to Chief Minister Pinarayi Vijayan and expressed Korea’s support for the flood-stricken people of the State, Mr. Bong-kil said.