Target: US$50bn bilateral trade by 2030
The negotiations to upgrade Comprehensive Economic Partnership Agreement have been fast-tracked to achieve the bilateral trade target of US$50 billion by 2030, Prime Minister Narendra Modi told ‘India-ROK Business Symposium’ during his visit to South Korea.
India-South Korea trade volume has reached US$21.5 billion for the calendar year 2018, he said on 21 Feb 2019.
Not just trade, in investment terms also we are seeing a positive turn. And, Korean investments into India have reached a cumulative figure of almost US$6 billion, he said.
India has become sixth export destination for Korean goods.
Recognizing the importance of supporting India’s infrastructure development, India and South Korea have identified US$10 billion under Korea’s Economic Development Cooperation Fund and Export Credit, to finance such projects.
He briefed the Korean business community on economic progress, saying it is closely tied to world-class infrastructure.
Be it Transport, Power, Ports, Shipbuilding, Housing and Urban Infrastructure, there is huge demand in India while there are strong technological capabilities and capacities in Korea.
“We estimate the investment requirements in infrastructure at over US$700 billion by 2022,” Modi told the symposium.
Under the Sagarmala Project, contracts for port developments involving investment of over US$10 billion have been identified for award in the upcoming five years.
It is essential to guide the growth of urban utilities and create smart cities which ensure sustainable and clean future for all. More than 500 million of India population will be urban by 2025 and this opens the scope for cooperation in building smart solutions in India.
While aiming for fast economic growth, India is also rooted in the principles of ensuring sustainable economic growth. For example, in Automobile sector, The National electric mobility mission aims for affordable and efficient Electric Vehicles. South Korea being a leading manufacturer of Electric Vehicles has a huge opportunity in this sector in India.
India has launched a Korea specific facilitation cell “Korea Plus” under ‘Invest India’ to guide, assist and handhold investors during the entire life-cycle of the business.
Hyundai, Samsung, LG electronics have become trustworthy brands in India, assured the Prime Minister. And, Kia is soon to join this club.
Over 600 Korean companies have invested in India.
“And, we aspire to welcome many more. And, to ease your path,” said Modi, adding: “We encourage the presence of Korean Trade Offices in India.” fiinews.com