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PUBG Maker Krafton, Different Startups Wanting to Put money into India, South Korean Ambassador Says

Not solely huge corporations resembling Samsung, LG and Kia, however some newly-born South Korean start-ups like PUBG maker Krafton will probably be wanting to put money into India and cooperate with Indian corporations, Ambassador of South Korea to India Chang Jae-bok mentioned on Thursday.

The Ambassador, who’s within the metropolis, immediately led a high-level delegation to satisfy Karnataka Chief Minister Basavaraj Bommai within the presence of Industries Minister Murugesh R Nirani, and likewise addressed the Korea-Karnataka Financial Cooperation Discussion board summit right here.

Karnataka already has 40 Korean corporations working right here, the Embassy of the Republic of Korea mentioned in a launch.

Jae-bok indicated enlargement of the funding plans by the already India-based Korean corporations in addition to many start-ups wanting ahead to getting into India.

“On this means of bilateral financial cooperation, it’s cheap for Korean corporations to proceed and enhance their investments in India. I consider that not solely huge corporations resembling Samsung, LG, Kia but additionally some newly-born Korean start-ups, like Krafton, will probably be wanting to put money into India and cooperate with Indian corporations,” he mentioned.

South Korea regarded on the big potential to develop their cooperation sooner or later, particularly by way of implementing the Make in India coverage.

He additional mentioned, “Korea will be the most effective associate in numerous areas resembling car, metal, chemical compounds, IT, startup, aviation and defence trade. Bilateral financial exchanges are solely set to develop additional with the conclusion of latest negotiations on CEPA.” Chief Minister Bommai opined that the strengthening of ties between the Republic of Korea, which is a pacesetter within the electronics and car sector, and the state of Karnataka, which is a pacesetter in know-how, will give impetus to financial growth on each side.

“It’s a matter of satisfaction that Karnataka has had shut ties with Korea for a lot of many years. It’s commendable that Korea is manufacturing glorious merchandise with state-of-the-art know-how. India and Karnataka state are rising as main economies with expert human assets. India is a sizzling favorite as an funding vacation spot. Karnataka is within the forefront among the many states attracting about 38 p.c of the overall FDI flowing into the nation,” Bommai was quoted as saying by his workplace.

Based on the Embassy, the summit was a part of its “Korea on the Transfer” initiative launched in Bengaluru on July 4-8. It’s also organising Korea Truthful in Bengaluru from July 6-10.

Based on information from Korea’s Ministry of Commerce, Business, and Power (MOTIE), bilateral commerce between the 2 international locations reached $23.7 billion (roughly Rs. 1,88,000 crore) in 2021, surpassing $21.5 billion (roughly Rs. 1,70,500 crore) in 2018. This was the highest-ever commerce quantity between the 2 international locations, representing a 40 p.c enhance over the earlier yr’s whole of $16.9 billion (roughly Rs. 1,34,000 crore).

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