Ambassador of the Republic of Korea to India Joong-Keun Kim stressed the importance of strengthening ties between the two countries and urged the two countries to work in tandem to forge a strategic partnership. The Korean ambassador was speaking at an interactive session organised by the CII.
The GDP of Korea has improved over the last few years and has now crossed over a trillion dollars. Two-way trade between India and Korea saw business worth over $20 billion in the last year. To summarise,the mutually beneficial relations between Korea and India have improved drastically, he said.
Host of Korean companies such as Samsung,LG and Hyundai have over the years been the mainstay in India. Similarly,Indian investment in Korea from companies such as Tata,Mahindra and Mahindra too have grown.
The session was presided over by Raja Kochar,MD-India,Eaton Technologies and Chairman,CII Pune Zonal Council. Kochar said that the visits of the Presidents of both India and Korea have further helped bolster economic ties.
As far as increasing trade between the two countries is concerned,Kim said Korea has a 36 per cent share in the global ship-building industry,while India commands only two per cent.
The two countries could work on sharing technical know-how to improve Indias share. He also talked about the POSCOs $12 billion steel plant project in Odisha,which is the largest FDI made in India, he said,and added,They are planning to set up three projects in Maharashtra,a 1.8 million tonne cold rolled annealed steel mill,a 3,00,000 tonne electrical steel sheet factory,and a 450,000 tonne galvanised steel plant.
Kim said that even with trade between the two countries being valued at $20.6 billion,the share of Korea in Indias global share is only three per cent. We would like to improve on that front, he added.