India and The Republic of Korea developed strong diplomatic and economic relations during the 21st century as opening up of the Indian economy in 1991 coincided with Korea’s search for new avenues to expand.

Bilateral ties between the two nations received a significant boost with the visit of Prime Minister Narendra Modi to Korea in 2015. The two nations decided to commence negotiations to amend the Comprehensive Economic Partnership Agreement (CEPA) and strengthen cooperation in sectors such as energy, electronics and shipbuilding.

    • The bilateral consular relations established between India and The Republic of Korea in 1962, were upgraded with Ambassador appointment in 1973. The year 2018 marks 45 years of successful diplomatic ties between the two nations. 

    • Both countries have made great strides in their relations in recent years, spurred by a significant convergence of interests, mutual goodwill and high-level exchanges.

    • With the visit of Indian PM Narendra Modi to Korea in May 2015, the bilateral relations were upgraded to ‘Special Strategic Partnership’. In the ‘Joint Statement for Special Strategic Partnership’, the Indian Prime Minister and the Korean President agreed to establish a 2+2 consultation mechanism at Secretary/Vice Minister of Foreign Office and Defence Ministry.

    • Bilateral meeting between PM Modi and President Moon Jae-in on the sidelines of G-20 Summit, held in Hamburg in July 2017, led to discussions on further participation through programmes like ‘Make in India’, ‘Digital India’ and ‘Start-up India’.

    • The Republic of Korea ranks 13th in FDI inflows to India, investing $ 3.1 bn during 2000-18. Metallurgy, automobile, electronics, prime movers, machine tools, hospital and diagnostic centers are the sectors that attracted maximum FDI.

    • Bilateral trade touched $ 20.8 bn in 2018. Imports from Korea were valued at $ 16.4 bn during 2017-18. Auto-components, telecom equipment, iron & steel products, petroleum refined products and mechanical appliances are key areas for imports.

    • Exports to Korea were valued at $ 4.5 bn during 2017-18. Non-ferrous metals, petroleum and related products, chemicals and textile yarn formed the bulk for exports from India.

    • Korea and India signed the CEPA Free Trade Agreement in August 2009, which became operational from 1st January 2010. In addition, the Indian Chamber of Commerce in Korea was established in January 2010 to support Korean companies interested in doing business in India.

    • Korea houses Indian Council for Cultural Relations in Seoul and Busan to promote Indian culture in the country and also to strengthen cultural and educational ties between the two nations. The Council offers regular classes in yoga, dance, Hindi language, musical instruments and cooking.

    • Sarang, the annual festival of India in Korea was initiated in 2015 to showcase diverse Indian culture and art forms in various parts of Korea.

    • Several arrangements between Korean and Indian educational institutions continue to promote people-to-people exchanges. Indian institutes like Jawaharlal Nehru University and the Delhi University offer programmes in Korean studies and Korean language courses.

    • Bilateral Civil Aviation Agreement of 1994 was revised in November 2015 to increase weekly flights between the two countries to 19, starting new operations by Korean Airlines with direct flights to Delhi. India also extended the visa-on-arrival facility for Korean tourists from April 2014 to boost travel between the two countries.

Prominent Investments

Korea in India

Hyundai

Hyundai Motors is the second-largest car manufacturer and one of the leading car exporters in India. Hyundai Motors India produces ~7 lakh cars ...Read more

POSCO

POSCO India is a wholly-owned subsidiary of POSCO. In 2005, POSCO India was incorporated to promote investment in steel, considering the high growth ...Read more

Samsung India Electronics

Samsung India is the Regional Headquarters for Samsung’s Southwest Asia operations. The Company has invested about $ 1.1 bn in India. It operates 2 ...Read more

Kia Motors

Kia Motors is one of the leading Automobile manufacturers from South Korea. The company is in the process of setting up its manufacturing facility in ...Read more

LG Electronics

Operates two factories in India, one each in Greater Noida and Pune. Manufacturing unit at Greater Noida is one of the eco-friendliest units among ...Read more

India in Korea

Novelis

A subsidiary of Hindalco Industries, the flagship company of the Aditya Birla Group acquired Alcan Taihan Aluminium in January 2005. Novelis holds 68 ...Read more

Tata Motors

The Company acquired Daewoo Commercial Vehicle based in Gunsan, Korea for a total price of KRW 120 bn (approximately $ 102 mn) in March 2004. Its ...Read more

Mahindra and Mahindra

The Company in August 2010 acquired a majority stake in ailing Ssangyong Motors with an estimated investment of about $ 360 mn. Its cumulative ...Read more

Investible Projects

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  •  
    Projects

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    Opportunity

    $223 bn

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    Promoters

    766

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    District

    570

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    Private Projects

    263

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    Govt. Projects

    4787

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$234.1 mn

Super Mega Food and Herbal Park Project [Yamuna Expressway]

State (s) Uttar Pradesh
Sector Food Processing
open

$84.3 mn

Sugar Project [Kannauj]

State (s) Uttar Pradesh
Sector Food Processing
open

$78 mn

Mega and Medium Food Park Project [Odisha]

State (s) Odisha
Sector Food Processing
open

$56.2 mn

Sugar Project [Bijora]

State (s) Maharashtra
Sector Food Processing

Recent Investments

Hyundai plans new plant for EVs in India

Hyundai Motors plans to invest about $ 980 mn in a new vehicle production capacity in the Indian state of Tamil Nadu. Scheduled to become operational by 2021, the investment is expected to create 1,500 direct jobs initially

Dorco makes first India investment with 10% stake in LetsShave

Chandigarh-based LetsShave has raised fresh funding from leading Korean razor blades manufacturer Dorco against a 10% stake. The company plans to expand its online business and product portfolio.

Mumuso to open 300 stores in India by 2022

The Korean lifestyle brand entered India in September 2018 with its flagship store in Kolkata. The company expects to invest over $ 110,000 and offer 1,200 unique items across eight categories in the Indian market. Currently, Mumuso has one warehouse in West Bengal and plans to increase this number alongside expansion.

Samsung inaugurates world's largest mobile phone manufacturing facility

Samsung inaugurated its new mobile phone manufacturing facility in Noida - the largest in the world, built at a cost of $ 756 mn on an additional 14 acres of land.

Kia's first manufacturing facility in India all set for production

The auto giant Kia Motors has set up their first car manufacturing plant in India in Anantapur district of Andhra Pradesh with an investment of $ 1.1 bn. The factory is expected to start production from January 2019 at an annual capacity of 300,000 units.

Korea Plus

Korea Plus is a bilateral initiative between the Republic of India and the Republic of Korea to promote, facilitate and retain Korean investments in India. It is envisaged as the first reference point for Korean Investors in India.

Key Functions

  • Opportunity assessment
  • Policy and incentive advisory
  • Location assessment
  • Market entry strategy
  • JV and strategic partner research
  • Approvals and compliance advisory
  • Issue redressal support
  • Expansion advisory
  • Policy impact analysis

Team Advantages

  • Nodal agency between investors and government

  • Joint team of investment experts from both countries

  • Business advisory

  • One-stop-agency for Korean investors

  • End-to-end facilitation

India-Korea Grand Challenge

  • final gif
  • Automobile

    • 4th 

      largest car manufacturer

    • 3rd

      largest automotive market by volume by 2026

    • 40%

      India’s share in global R&D (by value) in the sector

      • Largest two-wheeler and three-wheeler manufacturer
      • 2nd largest bus manufacturer 
      • 3rd largest heavy trucks manufacturer  
      • The automobile industry in India expected to reach $ 300 bn by 2026
    Visit Sector
  • Electronic Systems

    • $400 bn

      Value of Indian electronics market by 2025

    • 17%

      Projected CAGR of the sector during 2014-20

    • 2nd

      largest smartphone market

      • Internet of Things (IoT) market to reach $ 9 bn by 2020
      • Fastest growing smartphone market in the Asia Pacific
      • Consumer Electronics and Appliances Industry expected to become fifth largest by 2025
    Visit Sector
  • Textile and Garments

    • 2nd

      largest exporter of textiles and apparel 

    • 95%

      of the world's hand-woven fabrics are made in India 

    • $300 bn

      Indian textile exports by 2024

      • Largest producer of cotton and jute
      • 2nd largest producer of polyester, silk and fibre
      • Contributes 27% to the country's foreign exchange inflow
      • Employs over 45 mn people, second-largest employer in India
    Visit Sector
  • Chemicals

    • 3rd

      largest consumer of polymers in the world

    • $304 bn

      Value of Indian chemical industry by 2025

    • 6th

      largest producer of chemicals in the world

      • 3rd largest producer of chemicals in Asia, with an estimated industry size of $ 139 bn
      • 4th largest producer of agrochemicals in the world
      • Supplies 16% of the global dyestuff and dye intermediates
      • Specialty chemicals market to reach $ 70 bn by 2020
      • Petrochemicals market expected to grow at CAGR of 10% to reach $ 100 bn by 2022
    Visit Sector
  • Food Processing

    • 2nd

      largest producer of fish

    • 2nd 

      largest producer of horticulture crops

    • $482 bn

      Expected value of Indian food and retail market by 2020

      • Largest producer, consumer and exporter of spices
      • Largest producer of milk
      • Dairy industry expected to reach $ 140 bn by 2020
      • Processed food market expected to reach $ 543 bn by 2020
      • 42 upcoming Mega Food Parks under Mega Food Park Scheme
    Visit Sector

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Invest India

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  • The UNCTAD Award 2018 for promoting investment in sustainable development
  • Invest India certified as “Great place to work” in GPTW 2018 Survey
  • Awarded the best investment project for the third year in a row 2016, 2017 and 2018 at the Annual Investment meeting (AIM)
  • Investment Award 2016 from the Indian Ocean Rim Association (IORA)
  • United Nations Conference on Trade and Development Investment Promotion Award 2016 for excellence in partnering for investment promotio…

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