Korea-India Economic Co-Op Forum Held In Hyderabad To Boost Investment In Telangana.

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Hyderabad, Telangana, 21st of June, 2024 : The Korea-India Economic Cooperation Forum successfully took place in Hyderabad, fostering enhanced industrial collaboration between the two nations. While inviting Korean companies to invest more in Telangana, the state government not only promised state-of-the-art infrastructure and talent pool, it also offered a dedicated mechanism to handhold Korean investments. The Telangana government promises world-class infrastructure and talent pool and rolls out the red carpet for Korean companies, inviting them to invest more in the state.

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 the support of the Confederation of Indian Industry (CII), the event aimed to boost cooperation in various sunrise industries and provided ample opportunities for business networking.

Speaking on the occasion, 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.”

The minister said, “Because of the KOTRA support, the interest of Korean companies increased in manufacturing, technology, semiconductors, and life sciences sectors. I invite KOTRA to set up its office in Telangana also.”

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.

In his welcome address, C. Shekhar Reddy, immediate past chairman, CII Telangana, and CMD, CSR Estates Ltd., said, “South Korean companies have been actively investing in Telangana, leveraging the state’s industrial growth and strategic advantages. This is exemplified by companies like Samsung, which has established a significant manufacturing presence in the region.”

Suresh Chukkapalli, the Honorary Consul General of the Republic of Korea in Hyderabad, said in India, South Korea continues to dominate some of the sectors that have become household names—Hyundai, KIA, Samsung, etc. In Telangana in the last few years, some of the major Korean brands, such as YoungOne, have moved here. Korean semiconductor company APACT is launching a JV project with ASIP in Hyderabad.

Dr. E Vishnu Vardhan Reddy, Special Secretary for Investment Promotion & External Engagements and VC&MD TSIIC Govt of Telangana, discussed Telangana’s industrial ecosystem and investment policy.

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 featured several sessions on successful collaboration cases across different industries. Sanjeev Deshpande, MD & CEO of NTT Data Business Solutions, shared insights on IT collaborations. The semiconductor industry was represented by Venkata Simhadri, CEO of ASIP Technologies. Further presentations were made by Balaji Prabakaran, Head of Product Planning Department at Hyundai Motor India Engineering, and Jayesh Sanghvi, Partner at Ernst & Young, who highlighted other successful collaboration cases.

The forum concluded with a networking dinner, providing participants the opportunity to establish communication channels and explore potential business partnerships. This event marked a significant step forward in strengthening the economic ties between Korea and India.