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

    • Sept 2023: Prime Minister Shri Narendra Modi met H.E. Mr. Yoon Suk Yeol, President of the Republic of Korea, on the sidelines of G20 Summit in New Delhi. President Yoon Suk Yeol congratulated Prime Minister on India’s G20 Presidency and on the success of Chandrayaan mission. The leaders noted that this year marks the 50th anniversary of establishment of diplomatic relations, they reviewed progress on various areas of bilateral Special Strategic Partnership, including in trade and investment, defence production, semiconductors and EV battery technology and exchanged views on regional and global issues.

    • The year 2023 marks 50 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.

    • 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 Bn bilateral trade by 2030.

    • In 2019, Prime Minister of India inaugurated the ‘India-Korea Startup Hub’ to increase cooperation in fields of research, innovation and entrepreneurship. 6 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.

    • 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.

    • The Republic of Korea is the 13th largest FDI investor in India, investing $5.85 Bn (South Korea) from Apr 2000 to Mar 2024. 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 $18.8 Bn and exports at $9 Bn during 2022-23. mineral fuels/oil distillates (mainly naphtha), cereals, iron and steel form the bulk of exports.

    • Invest India and Korean SMEs and Startups Agency (KOSME) signed an MoU in Apr 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.

    • Republic of Korea and India signed the CEPA Free Trade Agreement in 2009, which became operational from 1st 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.

    • Government of India offers scholarships and fellowships to Korean nationals for various programmes and disciplines covering research work and non-formal courses every year to study in India. RoK Government also offers scholarships to Indian nationals each year to study Korean Language and Literature at Masters and PhD level at select Korean Universities.

    • Seoul Forum for International Affairs and Indian Council for Research on International Economic Relations have been jointly organizing the India-Korea Dialogue that makes recommendations on policies and practical measures to strengthen bilateral relations between the countries. The last round of discussion was held in November 2019.

    • 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

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. POSCO has set up cold-rolled, galvanized and electrical steel production plants in Maharashtra ...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 in 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 a ...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

    Automobile

    • #1

       Largest Two-wheeler Manufacturing Country

    • #3

      Largest automotive market

    • #4

      Largest car manufacturing country

      • India aims to double its auto Industry size to INR 15 Lakh Cr by 2024
      • Employs 19 Mn people both directly and indirectly
      • Export of the total number of automobiles in 2023-24 was 4,500,492
    Visit Sector 3Investible Projects
  • Electronic system

    Electronic Systems

    • 3.7%

      India’s share in global electronics manufacturing has grown to 3.75% in FY22

    • #5

      Electronic Exports have become the 5th Largest Export Commodity Group India

       

    • #2

      Largest mobile phone producer in the world

      • A rise in mobile phone penetration and a decline in data costs will add 500 Mn new internet users in India over the next 5 years
      • The export of electronic goods in FY 2023-24 were recorded at $29.12 Bn
      • Electronics manufacturing is expected to rise to $300 Bn by 2025-26
    Visit Sector 11Investible Projects
  • Textiles

    Textile and Garments

    • #1

      Producer of Cotton and Jute

    • #2

      Producer of polyester, silk and fibre

    • $14.52 Bn 

      Export of Ready-Made Garments during FY 2023-24

      • Indian textile and apparel exports stood at $34.4 Bn in FY 2023-24
      • 95% of the world's hand-woven fabrics are made in India
      • The market size is projected to grow at a 10% CAGR to reach $350 Bn by 2030
    Visit Sector 4Investible Projects
  • Chemicals

    Chemicals

    • #3

      Largest consumer of polymers in the world

    • #4

       Largest producer of agrochemicals in the world

    • #6

      Largest producer of chemicals in the world

      • Indian chemical industry is expected to reach $300 Bn by 2025
      • Supplies 16% of the global dyestuff and dye intermediates
      • India is the 4th largest chemical producer in Asia
    Visit Sector 28Investible Projects
  • Food Processing

    Food Processing

    • #1

      Producer of Milk Globally 

    • #2

      Largest producer of horticulture crops

    • #3

      Largest producer of Fish

      • India is known as the Spice Bowl of the World, and is the world's largest producer & consumer of spices
      • The contribution of the food processing sector has increased continuously with Gross Value Added (GVA) in the food processing sector to INR 2.08 Lakh Cr in 2021-22 at a CAGR of 7.26%
    Visit Sector 76Investible Projects
  • Metals and Mining

    Metals and Mining

    • #4

      Largest coal reserves in the world

    • #2

      Largest crude steel producer in the world

    • #1

      India is the largest sponge iron producer

      • India exported 74.9 LMT of finished steel in FY 2023-24 
      • India is set to achieve a total crude steel capacity of 300 MTPA and total crude steel demand/production of 255 MTPA by 2030-31
      • In FY 2023-24 the country has produced about 997.25 MT of coal with a growth of about 11.65%

       

    Visit Sector 21Investible Projects

Investible Projects

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Recent Investments

APACT to establish hi-tech semiconductor assembling and testing facility in Hyderabad

APACT to establish hi-tech semiconductor assembling and testing facility in Hyderabad

Korean company APACT, in a joint venture with ASIP (Advanced System in Package Technologies), will set up OSAT (Outsourced Semiconductor Assembly and Testing) and ATMP (Assembly Testing Marking and Packing) unit in Hyderabad to provide complete turn-key solutions (package design, bumping, assembly, testing, dropship).
 

 

Korea's Korea Investment Corporation (KIC) opens Mumbai office to spur emerging market investment

Korea Investment Corporation (KIC) opens Mumbai office to spur emerging market investment

Korean sovereign wealth fund company KIC has launched its Mumbai office, establishing the state-run fund’s first local presence in emerging markets. 

South Korean firm Simmtech to invest INR 1,250 Cr for chip components plant in Gujarat

South Korean firm Simmtech to invest INR 1,250 Cr for chip components plant in Gujarat

Simmtech is the world’s biggest manufacturer of semiconductor substrates. The company has signed an MoU with the Gujarat government to set up a plant close to Micron in Sanand, as part of creating a semiconductor ecosystem in the state.

 

Hanwha Aerospace plans to participate in India's Futuristic Infantry Combat Vehicles, light tank programmes

Hanwha Aerospace plans to participate in India's Futuristic Infantry Combat Vehicles, light tank programmes

 Hanwha Aerospace plans to participate in the Indian Army’s Future Infantry Combat Vehicle (FICV) Project. The FICV Project aims to replace the Indian Army’s 2,600 aging Soviet-made BMP-1 and BMP-2 infantry fighting vehicles (IFVs). Hanwha Aerospace will partner with Indian defense contractor Larsen & Toubro (L&T) in producing the Redback.

Korean auto major Hyundai Motor India Limited (HMIL) Thursday said it will invest Rs 20,000 crore over the next 10 years in Tamil Nadu to modernize vehicle platforms and expand its presence in the country’s fast-evolving electric vehicle segment.  The investments will be utilized to expand production capacity for internal combustion engine and electric vehicles, set up a battery pack manufacturing unit and establish charging infrastructure for EVs, among others.  Read more at: https://economictimes.indiatim

Hyundai Motor India announces INR 20,000 Cr investment plan for electric vehicles in Tamil Nadu

Korean auto major Hyundai Motor India Limited (HMIL) Thursday said it will invest INR 20,000 Cr over the next 10 years in Tamil Nadu to modernize vehicle platforms and expand its presence in the country’s fast-evolving electric vehicle segment. The investments will be utilized to expand production capacity for internal combustion engine and electric vehicles, set up a battery pack manufacturing unit and establish charging infrastructure for EVs, among others.

8

S Korea's Mirae Asset Global Investments buys logistics centre near Mumbai

South Korea's leading asset manager Mirae Asset Global Investments has purchased a logistics centre near Mumbai in the latest move to expand its portfolio in one of the world's fastest growing economies.

9

Havmor to invest INR 450 Cr in India to expand capacity

Havmor Ice Cream, a subsidiary of South Korea's Lotte Confectionery, will invest INR 450 Cr over five years. The fresh investment is to ramp up capacity and the company will set up a new manufacturing facility at Pune, the brand's first Korean technology-based facility in India.

Kia India to invest INR 2,000 Cr in EVs, to introduce new electronic recreational vehicle in 2025

Kia India to invest INR 2,000 Cr in EVs, to introduce new electronic recreational vehicle in 2025

In line with its endeavour of moving towards sustainability and offering greener mobility solutions in the market, Kia India has revealed that it will invest INR 2,000 Cr into its EV programme for the country and introduce a new all-electric recreational vehicle (RV) in the market in 2025. The investment has been committed towards R&D, infrastructure development and manufacturing capabilities to allow it to locally produce EVs in India, starting with the new e-RV in 2025.

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

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

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

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

1

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 Mn.

1

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

South Korea-based EastEC Electronics System Design is likely to invest INR 120 Cr in Ranjangaon, Pune and create 1100 jobs

1

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

Online food delivery platform Swiggy raised $43 Mn 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.

1

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.

1

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 mM. 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.

1

BigBasket raises funds from Mirae Asset, CDC and Alibaba

Supermarket Groceries Supplies owned and operated online grocery portal BigBasket has raised $150 Mn in 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, scale up the supply chain, and develop new reseller channels.

1

Cashfree raises funds from Smilegate and Y Combinator

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

1

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.

1

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 the Indian market.

1

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

The auto giant Kia Motors has set up its first car manufacturing plant in India in the 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.

1

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

1

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.

1

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

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We are the most awarded IPA in the world

  • The World's Most Innovative Investment Promotion Agency Award 2021 awarded by OCO Global

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  • United Nations Conference on Trade and Development (UNCTAD) Investment Promotion Award 2016 for excellence in partnering for investment promotion

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