There are many measures being taken by the Government of India to attract Korean investment into the country, according to Mr Amitabh Kant, CEO, NITI Aayog. Mr Kant was speaking at the India - Korea Business Summit being organized by the Confederation of Indian Industry (CII) and the Korea International Trade Association (KITA) in New Delhi. He stated that India jumped 14 ranks from 77 to 63 in the World Bank's Ease of Doing Business indicators. He stated that this was the result of the Government's drive to improve the business environment in the country. He pointed out that over the years the Government has been liberalizing its FDI regime and today around 98% of FDI can come in through the automatic approval route. A dedicated Korea Plus desk had also been set up to facilitate Korean Investment in India, he added.
He pointed out that India was just beginning on its journey of urbanization which offered many opportunities for Korean companies to collaborate in India. 100 mart cities were being created, 50 new metros were being set up along with other infrastructure such as airports and upgradation of railway stations. This in his view, offered a very good opportunity for Korean companies to expand their footprint in India. Other areas for cooperation included IT & Electronics and the services sector especially tourism. According to Mr Kant, there was enormous scope for Korea to rise from the 14th largest investor in India to the top five.
India - Korea collaboration has a strong base, according to Mr Joo Hyung-Chul, Advisor to the President of South Korea for Economic Affairs and Chairman of the Presidential Commission on New Southern Policy, Republic of Korea. More than 500 Korean companies are currently operating in India and Indian companies like the Tatas and the Mahindras have laid down roots in Korea. He was of the view that the New Southern Policy of Korea and India's Act East Policy complement each other and form a strong basis for the partnership.
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