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