According to Commerce and Industry Minister Piyush Goyal, huge prospects for Korean investors exist in India's startup environment, and both nations need to increase collaboration in industries including automobiles, textiles, food processing, and chemicals to strengthen economic connections.

In addition, the minister invited Korean companies to invest in India.

“Korean investors and the startup ecosystem I believe can find huge opportunities in India’s startup ecosystem. We need to complement our strengths in automobile, textiles, food processing, metals, mining, chemicals and also grow some of our traditional sectors like steel,” he said at the fourth edition of the India-Korea Business Forum.

He claimed that the government has recently developed a National Infrastructure Pipeline with projects worth over a trillion dollars, which he claims can provide business prospects.

“Today India is the preferred destination for investments. Our exports are at an all-time high, our economy is bouncing back and will possibly see one of the fastest growth rates across the world,” he added.

According to Goyal, over 15,000 Koreans live in India and about 12,000 Indians dwell in Korea.

Korea's investment in India surpassed $1 billion for the first time in 2018, reaching $1.053 billion. Korea's total FDI to India is $6.94 billion through September 2020. Tata Daewoo, Ssangyong, and Novelis are among the companies that have invested $3 billion in Korea.

The Korea Trade-Investment Promotion Agency and Invest India collaborate to provide services such as meeting facilities, public relations, research, and evaluation to Korean investors. Various state governments have programmes to attract foreign investment in addition to these central government measures.

Read More News :

Flipkart appoints Nandita Sinha as the CEO of fashion portal Myntra

Government Schools Students now Get Startup Education under Startup School Scheme