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Vibrant Gujarat Summit: Korean trade agency opens office in Ahmedabad

KOTRA will handhold Korean companies willing to invest in Gujarat

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Industries from Gujarat have sought a dedicated cluster for South Korean companies investing in the state. Such a facility can give a boost to Korean investment in Gujarat they say. Till now about 10 Korean companies have their investment in Gujarat, which could easily rise to 100 in a matter of years, they hoped.

"There should be an industrial estate dedicated for Korean companies, a sort of mini Korea. It will enable them to work together on a collaboration basis. Projects coming up in a joint venture (JV) with Indian companies can also be located here," said Piruz Khambatta, chairman of Western Region for Confederation of Indian Industry (CII) during the opening of an office of Korean External Trade and Investment Agency (KOTRA) in Ahmedabad.

KOTRA will handhold Korean companies willing to invest in Gujarat. Till now about 10 Korean companies have invested in Gujarat. Khambatta hoped that this number can rise to 100 in a matter of years. "See what happened in case of Japanese companies. Till about a few years ago, only a handful of companies had a presence in Gujarat. Now about 400 Japanese companies are present in the state. The same thing is possible in the case of Korean companies," he said.

Shin Bongkil, ambassador of South Korea in India said that he is happy with the proposal but there needs to be a vision and incentives on the part of the government. "There are a number of small Korean companies in Noida, Chennai and Pune and one big cluster is being considered in Greater Noda," he said.

Moon Young Kim, director general of KOTRA in Ahmedabad said that Korean companies are looking at investments in sectors like machinery, chemicals, auto components and agro-processing among others.

Annual trade between India and South Korea stands at $ 10 billion which is expected to rise to $ 15 billion by 2030. Sources in the know of things said that three MoUs are being signed as a part of Vibrant Gujarat Summit 2019.

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