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PUBG Maker Krafton, Other Startups Eager to Invest in India, South Korean Ambassador Says

Not solely huge firms akin to Samsung, LG and Kia, however some newly-born South Korean start-ups like PUBG maker Krafton can be desperate to spend money on India and cooperate with Indian firms, Ambassador of South Korea to India Chang Jae-bok mentioned on Thursday.

The Ambassador, who’s within the metropolis, in the present day led a high-level delegation to fulfill 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 firms 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 firms in addition to many start-ups wanting ahead to getting into India.

“On this strategy of bilateral financial cooperation, it’s affordable for Korean firms to proceed and enhance their investments in India. I imagine that not solely huge firms akin to Samsung, LG, Kia but additionally some newly-born Korean start-ups, like Krafton, can be desperate to spend money on India and cooperate with Indian firms,” he mentioned.

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

He additional mentioned, “Korea may be one of the best accomplice in numerous areas akin to car, metal, chemical substances, IT, startup, aviation and defence business. Bilateral financial exchanges are solely set to develop additional with the conclusion of recent 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 improvement on either side.

“It’s a matter of satisfaction that Karnataka has had shut ties with Korea for a lot of a long time. It’s commendable that Korea is manufacturing wonderful 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 whole 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 is usually organising Korea Truthful in Bengaluru from July 6-10.

Based on knowledge from Korea’s Ministry of Commerce, Business, and Power (MOTIE), bilateral commerce between the 2 nations 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 nations, representing a 40 p.c enhance over the earlier yr’s complete of $16.9 billion (roughly Rs. 1,34,000 crore).

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