Indian Embassy in South Korea hosts event to attract investors

Seoul [South Korea], September 2 (ANI): The Indian Embassy in South Korea held the Investor Connect event in Seoul on Wednesday, inviting Korean companies to harness its New Industrial Policy, as per Korean Herald.

Launched in 2024, the policy aims to build smart industrial corridors and modern estates to connect markets, ease logistics, and support efficient, tech-enabled businesses.

"Chhattisgarh beckons global investors seeking a stable, welcoming and future-forward business environment," said Ramesh Iyer, chair of the Indian Chamber of Commerce in Korea, at the event co-hosted by the Indian Embassy in Seoul and the chamber.

Chhattisgarh is positioning itself as an investment hub with a focus on IT, semiconductors, health care, clean energy and food processing, highlighted by projects like a 200-acre vehicle city and a semiconductor hub in Raipur, Iyer said.

"Korean brands today are part of every Indian household -- LG, Samsung, Hyundai," said the state's Chief Minister Vishnu Deo Sai, who was leading the first-ever business delegation of the Central Indian state to Korea, as per Korean Herald.

"Our state is also a major steel producer. With abundant mineral reserves vital for the automobile and electronics industries. Chhattisgarh can be an excellent destination for Korean companies," Sai told the investors.

In his remarks, Indian Ambassador to Korea Amit Kumar highlighted strengthening India-Korea ties under the President Lee Jae Myung administration and encouraged more companies to invest in India.

The ambassador reiterated that while the central government sets industrial policy, states play a key role in implementation, as per Korean Herald.

He noted that industry makes up 48 percent of Chhattisgarh's gross domestic product, with metals driving 60 percent of steel production, highlighting the state's potential for a more diversified industrial base.

According to Rajat Kumar, Secretary of the Chhattisgarh government, Chhattisgarh is mineral-rich and power-surplus, with 100,000 micro, small and medium enterprises, 60 industrial parks, and advanced clusters in AI, semiconductors and green energy.

"Nava Raipur is a smart city hub with top connectivity," he said. "Nava" is of Sanskrit origin and means "new" in Hindi.

"Land is allotted within 45 days, projects commence in 95 days, and we provide sector-specific incentives -- up to 187 percent reimbursement in pharma, 76 percent in electronics, and 62 percent in steel downstream," said the secretary.

Meanwhile, Chief Secretary of the state Amitabh Jain cited Korea as a model for India's vision of a developed country by 2047, as per Korean Herald.

"We look to countries like South Korea, which has achieved substantial development post-World War II," Jain added. (ANI)

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