India at WEF, Davos 2023 | 16th - 20th January, 2023
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India-Republic of Korea relations have made great strides in recent years and has become multifaceted, spurred by a significant convergence of interests, mutual goodwill and high-level exchanges. The ever-expanding canvas of their economic partnership has lead to the strengthening of cooperation in sectors such as energy, electronics and shipbuilding.

    • The year 2022 marks 49 years of successful diplomatic ties between India and the Republic of Korea. The bilateral consular relations established between the two nations in 1962, were upgraded with an Ambassador appointment in 1973.

    • With the visit of the Prime Minister of India to Korea in 2015, the bilateral relations were upgraded to a ‘Special Strategic Partnership’. Korean President Moon Jae-In’s ‘New Southern Policy’ compliments India’s ‘Act East Policy’ as both seek to strengthen economic relations between the two nations.

    • In 2019, Prime Minister of India inaugurated the ‘India-Korea Startup Hub’ to increase cooperation in fields of research, innovation and entrepreneurship. Six MoU's were also signed between the two nations to strengthen collaboration between their law enforcement agencies and to promote bilateral cooperation in road and transport infrastructure development.

    • The first Indo-Korean Friendship Park was jointly inaugurated in Delhi on 26 March 2021 by Mr Suh Wook, Hon'ble Minister of National Defence, Republic of Korea and Shri Rajnath Singh, Hon’ble Defence Minister of India as a symbol of the relations between the two countries.

    • India and South Korea in Jan, 2022 agreed to expand trade by upgrading the existing bilateral agreement and resolving industry specific issues to achieve $50 billion bilateral trade by 2030.

    • The Republic of Korea is the 13th largest FDI investor in India, investing $5,345.44 mn (South Korea) from April 2000 - Sep 2022. Metallurgy, automobile, electronics, prime movers, machine tools, hospitals and diagnostic centres are the top sectors which attracted the investment.

    • Imports from Korea were valued at US $ 14.4 bn and exports at $ 6.3 bn during 2021-2022. Electronic components, plastic raw materials, and iron and steel products are key areas for imports while aluminum ingots, telephone parts, integrated circuits, and personal computers form the bulk of exports.

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

    • Invest India and Korean SMEs and Startups Agency (KOSME) signed an MoU in April 2021 to formalise their engagement to support both countries’ Startups, SMEs and VC ecosystems through investor matchmaking, mentorship and networking opportunities and organising joint events related to FDI.

    • India has extended a visa-on-arrival facility for Korean tourists from 2014 to boost travel between the two countries. Bilateral Civil Aviation Agreement of 1994 was revised in 2015 to increase weekly flights between two nations to 19.

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

    • The Indian Council for Cultural Relations in Seoul and Busan promotes Indian culture in the country offering classes in yoga, dance, Hindi language, music and cooking. The Korean Cultural Centre plays a major role in introducing Korean culture in India by offering Korean language classes and hosting festivals, exhibitions and competitions.

Prominent Investments

Korea in India


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 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


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
  • Automobile


    • 4th 

      largest car manufacturer

    • 4th

      largest vehicle market

    • $118 bn

      Current value of Indian Automobile Industry

      • Largest two-wheeler and three-wheeler manufacturer
      • 2nd largest bus manufacturer and 3rd largest heavy trucks manufacturer  
      • Employs 35 mn people both directly and indirectly
      • The India passenger car market values at $ 32.70 bn in 2021, and it is expected to reach a value of $ 54.84 bn by 2027 while registering a CAGR of over 9%.
    Visit Sector 3Investible Projects
  • Electronic system

    Electronic Systems

    • $220 bn

      Value of Indian electronics market by 2025

    • 16.6%

      Projected CAGR of the Sector during 2020-25

    • 2nd

      largest smartphone market

      • Opportunities across Electronics, Technology and Telecom sectors to reach $ 1 tn by 2024
      • Fastest growing smartphone market in the Asia Pacific
      • Consumer Electronics and Appliances Industry expected to become fifth largest by 2025
    Visit Sector 11Investible Projects
  • Textiles

    Textile and Garments

    • 6th

      largest exporter of textiles and apparel 

    • 95%

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

    • $300 bn

      Indian textile exports by 2024-25

      • 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 52 mn people directly and 69 mn people indirectly, the 2nd largest employer in India
    Visit Sector 4Investible Projects
  • Chemicals


    • 3rd

      largest consumer of polymers in the world

    • $300 bn

      Value of Indian chemical industry by 2025

    • 6th

      largest producer of chemicals in the world

      • 3rd largest consumer of polymers in the world
      • 4th largest producer of agrochemicals in the world
      • Supplies 16% of the global dyestuff and dye intermediates
      • India is set to emerge as fourth largest chemical producer in the world
    Visit Sector 28Investible Projects
  • Food Processing

    Food Processing

    • 2nd

      largest producer of fish

    • 2nd 

      largest producer of horticulture crops

    • $535 bn

      Expected value of Indian food and retail market by 2025-26

      • Largest producer, consumer, and exporter of spices and cashew nuts
      • Largest producer of pulses
      • 353 Cold Chain projects, 63 Agro-Processing Clusters, 292 Food Processing Units, and 6 Operation Green projects have been approved
      • Pradhan Mantri Kisan SAMPADA Yojana, a government scheme, was formulated for creating a modern infrastructure with efficient supply chain management from farm gate to retail outlet
      • 41 upcoming Mega Food Parks under Mega Food Park Scheme
    Visit Sector 76Investible Projects
  • Metals and Mining

    Metals and Mining

    • 255 MT

      Forecasted crude steel demand/production (2030-31)


    • 158 kg

      Per capita finished steel consumption (2030-31)


    • 300 MT

      Domestic steel production capacity by 2030

      • Second largest crude steel producer in the world
      • Second largest coal producer in the world
      • Fourth largest iron ore producer in the world
    Visit Sector 21Investible Projects

Recent Investments

South Korean city sign MoU for investment, eco ties

South Korean city sign MoU for investment, eco ties

Noida, a South Korean city sign MoU for investment, eco ties ; Companies that participated in the event were Weltem Co Ltd, Samhyun Co Ltd from South Korea and Amber Enterprises from India


Orion invests INR 200 cr to set up manufacturing facility in Rajasthan

South Korean food company Orion invested INR 200 cr to set up a manufacturing facility at Bhiwadi in Rajasthan. They will hire 1,000 people in India in the next two years. The plant will be spread over 17,385-square-meter, and  produce the 'original Choco-Pie' and a soon to be introduced product portfolio as part of its growth drive in India.


Samsung to invest INR 5,000 cr to expand Noida plant

Samsung will invest nearly INR 5,000 crore in a smartphone display manufacturing facility in Noida, Uttar Pradesh. The export-oriented unit (EOU) is expected to be ready by January-February 2021 and attain commercial production by April 2021.

Samsung-backed TagHive raises fund from South Korea-based Joon Hyon

Edtech startup TagHive has announced that it has raised an undisclosed amount of funding as a part of its pre-Series A round of investment from Joon Hyon, Managing Partner at South Korean-based Complement Capital. This will take the valuation of the startup to $10 million.

Maharashtra government clinches FDI deals worth INR. 16,000 crore

South Korea based EastEC Electronics System Design is likely to invest Rs. 120 crore in Ranjangaon, Pune and create 1100 jobs

Online food delivery platform Swiggy raised $43 mn from a clutch of investors

Online food delivery platform Swiggy raised $43 million from a clutch of investors, including Samsung Ventures, as part of its ongoing Series I round to develop and expand its new businesses. Ark Impact, Korea Investment Partners and Mirae Asset Capital Markets also took part in the round, along with other existing investors.

Samsung-Backed TagHive Enters India To Digitise Public Schools With Edtech Device And Platform

Suwon, South Korea-based TagHive has launched its flagship product Class Saathi in two districts of Madhya Pradesh. Founded in 2017 by IIT and Harvard alumni, Pankaj Agarwal, the startup was a part of Samsung’s C-lab incubator programme. TagHive aims to bring affordable digital learning to primary schools in rural India.

Edelweiss partners with South Korea’s Meritz to launch $425 mn fund

Edelweiss Alternative Asset Advisors (EAAA) has partnered with South Korea’s Meritz Financial Group to launch the first fund of its financing platform, targeted at $425 mn. The platform will house funds that will buy out existing residential real estate loans and provide requisite completion financing to good quality, commercially viable projects, Edelweiss said.

BigBasket raises funds from Mirae Asset, CDC and Alibaba

Supermarket Groceries Supplies owned and operated online grocery portal BigBasket has raised $150 mn funding from Seoul based Mirae Asset - Naver Asia Growth Fund, CDC Group and Alibaba Group. These funds will be used to expand its presence in existing markets, scaling up supply chain, and developing new reseller channels.

Cashfree raises funds from Smilegate and Y Combinator

Banking services India - based startup Cashfree has closed funding round at $ 5.5 mn led by Smilegate Investments, affiliated to Korean games firm Smilegate and US accelerator program Y Combinator. Cashfree will use these funds to double its banking services and introduce an integrations solution, as well as expand its presence

Redwood Global Healthcare fund invests $ 7.2 mn in online pharmacy 1mg

South Korean investment firm Redwood Global Healthcare Fund acquired shares of online pharmacy 1mg in a funding round. Redwood led the round with investments worth $ 7.2 mn of the total $ 10 mn raised.

Hyundai, Kia invest $ 300 mn in Ola for EVs, smart mobility solutions

Korean automobile major Hyundai and its subsidiary Kia have together invested $ 300 mn in ride-hailing company Ola to jointly develop electric vehicles ecosystem and fleet services for global markets. Under the partnership, the three companies will aim to develop mobility solutions and EV charging infrastructure customised for Indian market.

Kia's first manufacturing facility in India begins trial production of its SUV

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 roll out its first car in the second half of 2019 and it will have an annual capacity of 300,000 units.

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

Mirae Asset raises venture capital for Zolostays

Bengaluru-based co-living startup Zolostays has raised $ 30 mn in Series B funding led by Mirae Asset, a leading independent financial services group from the Republic of Korea, IDFC Alternatives and Nexus Venture Partners.

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.

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
  • 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

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