India invites Korean companies to ‘Make in India’
Sachin Manawaria | The Dollar Business 
The Indian government has invited companies in South Korea to invest and begin manufacturing in India under the Prime Minister Narendra Modi’s “Make in India” initiative. Bilateral trade between India and South Korea has grown significantly in recent years, growing from around $12 billion in FY2009-10 to about $16.7 billion in FY2013-14, registering a growth of almost 40%. However, India’s trade deficit with South Korea has also surged from around $5.1 billion to around $8.3 billion, which is up around 62% in the same period. Most of India’s imports from South Korea include chemicals, plastics, industrial products, iron and steel, ships and floating structures. India is keen to get South Korean companies begin manufacturing of some of these products in India to reduce trade deficit and to generate employment. The 8th meeting of the India – Republic of Korea Joint Commission (JCM) was held recently in Seoul with the aim of boosting bilateral trade between the two countries. The meeting was co-chaired by Sushma Swaraj, Minister of External Affairs, India, and Yun Byung-se, Minister of Foreign Affairs, Republic of Korea (RoK).
Source - Ministry of Commerce, IndiaThis was the highest level visit from India to Korea after the new government was elected in mid-2014 in India. The two sides reviewed the development of bilateral relations since the visit of President Park Geun-hye to India in January last year and expressed their satisfaction at the steady expansion of bilateral ties. Speaking at the occasion, Sushma Swaraj said that Korea is an important economic partner of India and several Korean companies like Samsung, LG and Hyundai have now become household names in India. She said, “My Government attaches importance to relations with Republic of Korea. We see you as an important partner for our economic growth. Korea and Korean government companies occupies a strategic place in India’s ‘Act East’ initiative.” She also invited Korean companies to build on their success in India and make investments to benefit from the “Make in India” campaign which aims to provide the required policy and incentives to encourage manufacturing in India. India and Korea have set a target of increasing bilateral trade to $40 billion by 2015, which is more than double the current trade between the two countries. Speaking about this, Sushma Swaraj said, “To achieve this target, our companies need to take full advantage of our economic complementariness and leverage the Comprehensive Economic Partnership Agreement.” With initiatives like “Make in India”, more and more Korean companies are expected to invest in India. The two sides have also agreed to improve co-operation in the field of defence equipment and technology, as well as other sectors like shipbuilding, electronics, IT, energy and infrastructure.
This article was published on January 5, 2015.
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