18 December , 2021 Fdiindia
Korean Investors Have Massive Investment Opportunities in India: Indian Ambassador
India’s $1.4 trillion infrastructure development scheme exhibits the vast number of opportunities available for Korean investment firms, said Indian Ambassador to Korea Sripriya Ranganathan at the Eurasian Economic and Cultural Forum 2021, hosted by The Korea Herald.
She highlighted that many factors make India an attractive destination for Korean companies, such as India’s demography and digital ecosystem, size of India’s economy, along with India’s infrastructure development policies, excellent human resources, venture capital investments during the pandemic and startup initiatives.
“Global investor confidence is clear in India’s cumulative foreign direct investment (FDI) today at $749 billion and cumulative foreign institutional investors $258 billion,” Ranganathan said.
She further mentioned that India has the sixth-largest economy globally, and the country’s gross domestic product (GDP) is returning to the same level as it was before the pandemic.
As per the ambassador, India will accomplish close to 7,400 infrastructure projects by 2026, amounting to $1.5 trillion. This offers incredible scope for foreign investors and engineering, procurement and construction contractors.
“Korean companies can leverage India’s wealth of skilled professionals and technical manpower with excellent IT and English language skills to enhance their own,” said Ranganathan.
She added that India houses the highest number of science, technology, engineering and mathematics (STEM) graduates and the third-largest aggregation of scientists and technicians around the globe, which can aid Korean firms to cope with their declining and aging workforce.
Ranganathan quoted the example of Hyundai Motors to highlight the merits of collaboration between the economies of both nations. She said that 70 percent of Hyundai cars produced in India are sold locally, and the remaining 30 percent are exported to other countries except for Korea.
She also urged Korean organizations to support India’s green hydrogen mission to achieve climate goals and manufacture green hydrogen.
“Birds build their nests on a windy day so they can withstand strong winds,” said the ambassador, encouraging both the nations to band together during the harsh times due to the pandemic and demonstrate their resolve.
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