“Water, Transportation, Railways, Sea ports, ship-building, Electricity including renewable, IT infrastructure and services, Electronics, Construction Industry, are all very promis-ing sectors in my country. With your presence in India and through your interac-tions with our CEOs, you must already be knowing what we are doing and in which direction we are going. I would only throw some light on the size and scale of the opportunities. …The sectors which are strong in Korea are very important for the development of my country. Many of you are already present in India. For those who are not there, I extend an invitation to come to India and explore the opportunities.” Prime Minister Narendra Modi to the (South) Koreans.
Result : Senior CEOs from the Republic of Korea when called on the Prime Minister Narendra Modi, they received a massive + boost from the latter who simply egged them on to make India their most favourite destination from now on for which, India is all set to promote, patronize, press, pass them. Last fortnight, they were in New Delhi for the ambitious-to-begin-with-grand-success-at-end Indo-Korea Business Summit.
The CEOs discussed possibilities of enhancing business cooperation between the two countries. The Prime Minister appreciated the ethics and professionalism of Korean industry, which had made Korean brands household names in India.
The Prime Minister invited Korean companies to enhance their investments in India, and to “Make in India,” which would also imply “Make for India.” He suggested that major Korean companies can plan to invest as a group in a region of India, similar to the pattern they follow in Korea.
Who’s who of the South Korean business whose accumulative worth is $600 bn have gathered here for the first ever mega India Korea Business Summit on Jan 14-15 to give push to Make in India initiative by bringing together Indian skills and the Northeast Asian country’s manufacturing capabilities.
While South Korean businesses are no strangers to India having invested across sectors from automobiles to consumer products for the past two decades this Summit for the first time has brought together whos who of the Korean business world in India under one roof.
Among the big South Korean names present on the occasion are Chung Eui-seon, Vice Chairman, Hyundai Motor Group, Park Sam-Koo, Group Chairman, Kumho Asiana group, Park Yongmaan, CEO, Doosan Group, Shin Dong-bin, Chairman, Lotte Group, Koo Bon-Joon, Vice Chariman of LG Electronics, Park Sang Jin, President, Samsung Electronics, Lee Woo-Hyun, President of OCI and Bang Sang-hoon, President & CEO of the Chosunilbo.
The Summit is being organized by Chosun Ilbo, the largest media business group in South Korea and CII.
“The idea to organize this meet was germinated from PM Narendra Modi’s visit to Seoul last May when he addressed leadership conference oragnaised by Chosun IIbo. The summit will serve as catalyst to push India-South Korea business relations and take it to the next level,” Woosuk Kenneth Choi, Deputy Editor, The Chosunilbo (one of the chief organisers of the Summit), toldJUST IN PRINT.
“India and South Korea want to grow together by complementing each other’s strength and by joining hands. India has skills and South Korea has manufacturing experience. By merging these two qualities the two countries can enter markets in third countries,” remarked Choi. Following flooding of markets in various countries by the cheap Chinese products it is being felt that India and South Korea can join hands to enter various markets.
Apart from the big names several South Korean SMEs are part of the Summit and they plan to hold business-to-business meets with the Indian counterparts. Besides states like Andhra Pradesh and Rajasthan are also planning to showcase their strengths to attract South Korean investments. Number of South Korean Parliamentarians are also attending the Summit. There are also representations from various South Korean provinces who are exploring partnerships with the Indian states.
India and Korea are the third and fourth largest economies in Asia. The Comprehensive Economic Cooperation Agreement (CEPA) signed between the two countries provides an excellent platform for expanding the bilateral trade, which is currently below its potential, and also give great impetus for flow of investment both ways.
The momentum created by mutual visits of Prime Minister Narendra Modi and President Park Geun-Hye is now accelerating with commitments from both countries to build a lasting economic relationship. Perhaps as a lead to this new era in relationship, the Export-Import Bank of Korea is pursuing a $10 billion plan to support infrastructure development pan India.
Those present inlcude : Aju Group, CJ Group (CJ CGV, CJ Entertainment), Daelim, Dongbu Group, Doosan Group (Doosan Bears, Doosan Engineering & Construction, Doosan Heavy Industries & Construction),E-Land Group, Eugene Group, Eugene Basic Materials Company, Eugene Concrete, Eugene Koryeo Cement, GS Group, GS Caltex, Halla Group, Mando Corporation, Hanjin,Hansol,Hanwha, Hanwha Eagles,Hanwha Life Insurance,Hyosung (S&T Motors),Hyundai Group (Hyundai Asan,Hyundai Card, Hyundai Corporation, Hyundai Department Store, Hyundai Electronics,Hyundai Engineering & Construction, Hyundai Heavy Industries, Hyundai Logistics,Hyundai Merchant Marine, Hyundai Mobis,Hyundai Motor Company, Hyundai Oilbank,Hyundai Rotem,Hyundai Samho Heavy Industries,Hyundai Steel),Isu Group,Kiswel Group, ETLAND (Jeonja Land),Kumho Asiana Group (KT Kumho Rent A Car, Kumho Asiana Cultural Foundation, Kumho Engineering and Construction, Kumho Investment Bank, Kumho KIFT,Kumho Tires), Seoul Express Bus Terminal,Kyobo Life Insurance Company (Kyobo Automobile Insurance,Kyobo Book Centre, Kyobo Life), LG Corp (LG Chem,LG CNS,LG Dacom,LG Display, LG Electronics, LG Life Sciences, LG Powercom, LG Telecom), Lotte Group(Lotte Capital, Lotte Card, Lotte Chilsung,Lotte Confectionery,Lotte Department Store,Lotte Hotels & Resorts,Lotte World,Lotteria), LS Group (LS Cable & System), Nonghyup, Samsung Group: (Cheil Industries,Hotel Shilla,Samsung C&T Corporation,Samsung Card,Samsung Digital Imaging,Samsung Economic Research Institute,Samsung Electro-Mechanics,Samsung Electronics,Samsung Engineering, Samsung Everland, Samsung Fire & Marine Insurance,Samsung Heavy Industries,Samsung Life Insurance, Samsung Medical Center,Samsung Networks,Samsung SDS,Samsung Techwin,Samsung Total Petrochemicals),Shinsegae Group, SK Group (SK C&C, SK Energy, SK Holdings, SK Telecom, SK Telink), SsangYong Group(Ssangyong Cement Industrial Co., Ltd, SsangYong Motor Company), STX Corporation (STX Europe, STX Offshore & Shipbuilding), Taekwang Group, Taekwang Industry.. Automotive :CT&T United, electric vehicles,Daehan Tire, tires, GM Korea, automotive, Hankook Tires, tires, Kia Motors, automotive, Nexen Tire Corp., tires, Proto Motors, automotive, Renault Samsung Motors, automotive.Personal & household goods :Amore Pacific, Bubang Techron Co., consumer electronics, Busan Transportation Corporation, consumer electronics, BYC Co. (KRX: 001460), clothing, Cowon, consumer electronics, Cuckoo Electronics, consumer electronics,FILA, clothing, Humax, consumer electronics, iriver, consumer electronics, KT&G, tobacco, M-Pio, consumer electronics, Maycom Co., consumer electronics, ReignCom, consumer electronics, S-LCD, consumer electronics, Samick, musical instruments,TG Sambo, consumer electronics,Young Chang, musical instrument.
Media : AKOM, animation, Channel A, broadcasting, Chosun Ilbo, publishing, Hankook Ilbo, publishing, JoongAng Ilbo, publishing, JTBC, broadcasting, JYP Entertainment, record label, KBS, television broadcasting, MBC, broadcasting, On-Media, broadcasting, Pledis Entertainment, record labe, S.M. Entertainment, record label, SBS (Seoul Broadcasting System), broadcasting, Starship Entertainment, record label, Woollim Entertainment, record label, YG Entertainment, record label,YTN Group, broadcasting.
Financials: : BC Card, bank, Hana Financial Group, financial services, Industrial Bank of Korea, KB Bank, Korea Development Bank, Koscom, financial services, Mirae Asset, financial services, Pusan Bank, bank, SC First Bank, bank,Shinhan Bank, bank, Woori Bank, bank, Woori Investment & Securities, financial services.
Industrials : AMCO Constructions, construction and materials,Bexel, batteries, CAS Corporation, electronicscales, Cheil Industries, electronic components, Daehan Logistics, logistics,HCT Co., Ltd., semiconductor, Hynix Semiconductor (KRX: 000660), semiconductor, Jinwoo SMC, aerial work platforms, Kotra, Korea trade-investment promotion agency.
Oil & gas : S-Oil, refinery. Telecommunications : Hanaro Telecom, fixed line telecommunications, Korea Thrunet Co., Ltd., fixed line telecommunications, KT, fixed line telecommunications, Pantech Curitel, mobile phones.Technology :: AhnLab Inc, computer software, Andamiro, video games, Com2uS Corporation (KRX: 078340), video games, Cyworld, software, Daum Communications, software,Gamepark, defunct, video games, Gamevil Inc. (KRX: 063080), video games, Gravity Co., Ltd. (NASDAQ: GRVY), video games,INCA Internet, software, Kakao Corp, software, Naver Corporation, software, NCSoft, video games, Nexon, video games, Phantagram, video games, Penta Security Systems, IT security, Softmax (KRX: 052190), video games, WeMade Entertainment.
“…Many international financial institutions including the World Bank, IMF, OECD and others are predicting even faster growth in the coming years. MOODY’s have recently upgraded the rating of India as positive on account of our concrete steps in various economic segments.
Thus, we have restored the global positioning of India in terms of its politics, governance and economy. But we are not going to stop here. We have to and we will do a lot better.
Friends! once again, I invite you to India to see the change. We are also prepared to work with you in making the conditions more conducive for you.
I announced the forming of a dedicated me-chanism for hand holding of Korean investors. It will be known as Korea Plus. In addition I assure you of my personal attention if there are any issues.”