Korean industrial complex and technology zone, being set up in south Gujarat at Gujarat Vittal Innovation City (GVIC), is expected to accelerate the bilateral trade and investment linkages between the two countries in a big way, says a joint statement issued by Prime Minister of India, Manmohan Singh and Lee Myung-bak, President of the Republic of Korea (ROK) on Wednesday.
India and Republic of Korea (RoK) have set up a target of US $30 billion for bilateral trade to be achieved by 2014.
The joint statement issued by both the countries after the visit of Mr. Lee Myung-bak, President of the Republic of Korea (ROK), in New Delhi on the occasion of Republic Day, referred to the project in Gujarat saying that the Indian side hoped that investment from the RoK into India will expand, including in the infrastructure and manufacturing sectors. The statement identified potential of the Korean industrial complex and technology zone in Gujarat to further accelerate the bilateral trade and investment linkages.
After two years of scouting around India to set up Korean Industrial Park, the Korea Land Corporation, now Korea Land & Housing, 100 per cent owned by the Govt of Korea, zeroed in on Gujarat and the Gujarat Vittal Innovation City SEZ Project in South Gujarat being jointly promoted by a EMPI Vittal Centre INNOPOLIS Consortia and the GIDC, GoG on 1,100 hectares.
The KLC signed a trilateral Memorandum of Association on August 4, 2009 to be a Co-Developer to the GVIC Project and set up a Korean Industrial Park on 1/3rd of the Zone in 800 acres.
The Korean corporation has undertaken Master planning and joint marketing of the Project. Almost 70 Korean companies have evinced interest to set up manufacturing facilities with a total investment of approx.
US $ 1.5billion. The sectors shall include electronics, electrical and automobile.
According to an official press release, this will be KLC's largest overseas Industrial Park and will become a Manufacturing Hub for not only India, but Middle East, Europe and Africa.
The park will function within the backdrop of the CEPA that has been notified on January 1, 2010.
This is the first country investment in a multi-product SEZ in India with an attached Korean Township.
Gujarat Vittal Innovation City is the India’s First Planned High-Tech Cluster of Industry, Academia & Community. KLC has planned to re-locate certain Korean Companies from China and 800 acres of land has been reserved by the GVIC for development of the Korean park.
