Korea-India Forum Held in Hyderabad Aims to Boost Telangana Investments
The Korea-India Economic Cooperation Forum, held successfully in Hyderabad, has strengthened industrial collaboration between the two nations. The Telangana state government extended an invitation to Korean companies to increase their investments in the state. In addition to promising world-class infrastructure and a talented workforce, the government also offered a dedicated support system to guide Korean investments. By rolling out the red carpet, Telangana aims to attract more Korean companies to invest in the region.
The event, organized by the Embassy of the Republic of Korea, KOTRA (Korea Trade-Investment Promotion Agency), the India-Korea Business Cooperation Center, and the Honorary Consulate General of the Republic of Korea in Hyderabad, with support from the Confederation of Indian Industry (CII), aimed to enhance cooperation in various emerging industries and offered numerous opportunities for business networking.
Duddilla Sridhar Babu, Minister of Information Technology, Electronics & Communications (ITE&C) and Industries & Commerce (I&C), Telangana, said, “To address specific needs of the Korean companies, the state government not only offers the state-of-the-art infrastructure and talent pool, it will also have a dedicated desk under Invest Telangana Cell to handhold Korean investments and provide single window service”.
Chang Jae-bok, the Ambassador of the Republic of Korea, said that over the past decade, we have witnessed successful implementation of India’s initiatives like ‘Make in India,’ ‘Self-reliant India,’ and ‘Act East.’ “These policies have significantly deepened the bilateral relationship between Korea and India, with trade volumes reaching an all-time high of $27.8 billion in 2022. Major Korean companies such as Samsung, Hyundai, LG, and Kia, along with MSMEs, are actively expanding their investments in India, further strengthening our economic ties”, he added.
Suresh Chukkapalli, the Honorary Consul General of the Republic of Korea in Hyderabad, stated that South Korea continues to be a leading player in India, particularly in well-known sectors represented by brands like Hyundai, KIA, and Samsung. In recent years, Telangana has attracted several major Korean brands, including YoungOne. Additionally, the Korean semiconductor company APACT is initiating a joint venture project with ASIP in Hyderabad.
While presenting a Korea-India Economic Cooperation Plan, Ms. Jeongseon Lee, Executive Director of the India-Korea Business Cooperation Center at KOTRA, said, “Major transformations are taking place in the global value chain, and these changes can potentially lead to new prospects for collaboration between India and Korea. For example, global companies are expanding their GCC presence, notably in Hyderabad, to leverage India’s IT talent. These GCCs are not only playing key roles in back-office operations but are also serving as important innovation centers. Several Korean companies have already followed suit to benefit from these advantages. I hope more companies will join these movements in the coming days”.
The forum included multiple sessions showcasing successful collaborations across various industries. Sanjeev Deshpande, MD & CEO of NTT Data Business Solutions, provided insights on IT partnerships. The semiconductor industry was represented by Venkata Simhadri, CEO of ASIP Technologies. Additional presentations were given by Balaji Prabakaran, Head of Product Planning at Hyundai Motor India Engineering, and Jayesh Sanghvi, Partner at Ernst & Young, who highlighted other notable collaboration cases.
