India-Korea Business Summit- 2018 (Download PDF)

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Second India-Korea Business Summit was held in New Delhi under the theme “India-Korea: Scaling up the Special Strategic Relationship through Trade and Investments”. Summit aims to create open and action-oriented dialogue between top business leaders and the government officials from India and Korea.

Image of India-Korea Business Summit- 2018

Image of India-Korea Business Summit- 2018

Image of India-Korea Business Summit- 2018

  • More than 150 Korean companies attended the India-Korea Business Summit organised by the Confederation of Indian Industry.

  • The major ‘chaebols’ or large family-owned mega-conglomerates from Korea such as Samsung, Hyundai, and LG took part in the summit.

  • The Korean firms were requested to further expand the $2.55 billion worth of investments

  • The roundtable included delegates from both Governments and 25 CEOs from leading Korean companies with an estimated revenue of USD 575 billion

3 Important Factors for Thriving Economy

  • Listing democracy, demography, and demand are three important factors for any thriving economy.

India as Better Option for Investment

  • India has a combination of listing democracy, demography and demand.

  • India is on a de-regulation and de-licensing drive.

  • Validity period of industrial licenses has been increased from 3 years to 15 years

  • Indian economy has the potential to achieve a growth rate of more than 7 - 8%.

What is “Korea Plus”?

  • ‘Korea Plus’ was formed as a handholding agency in June 2016. Korea Plus facilitating more than 100 Korean Investors to invest in India in just 2 years

FDI Inflows

  • Korea ranks 16th in terms of FDI equity inflows to India with investments of $2.26 billion between March 2000 and April 2017.

  • The bilateral trade between India and Korea crossed $20 billion last year – for the first time in six years

  • More than 500 Korean companies, including Samsung, LG and Hyundai, have operations in India

Background

  • India–South Korea relations have been relatively strong for 2,000 years, although more progress arose during the past three decades. Korea and India share a lot of similarities in every aspect

  • Trade between the two nations has increased exponentially, exemplified by the $530 million during the fiscal year of 1992 - 1993, and the US $10 billion during 2006 - 2007. It further increased to US $17.6 billion in the year 2013.

  • South Korean businesses sought to increase access to the global markets, and began trade investments with India

- Published/Last Modified on: May 31, 2018

Economy, International Relations/Organizations

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