A high-profile trade delegation from South Korea recently visited India to explore investment and partnership opportunities in the high-tech display industry. Led by the Korea Trade-Investment Promotion Agency (KOTRA) and the Korea Display Industry Association (KDIA), the delegation was in India at the invitation of Vedanta Group.
The delegation sought to gain first-hand insights into potential investment opportunities in the country and travelled to Dholera SIR, Ahmedabad, Mumbai and New Delhi to meet key stakeholders. On the last day of their visit, the delegation spent time at the Invest India office, where the Korea Plus and Invest India teams showcased the immense opportunities that await foreign companies keen on partnering in the Make in India initiative. The delegation was also familiarized with various policies and incentives that facilitate ease of doing business in the country.
At the recently-concluded G20, India affirmed its commitment to becoming the world’s reliable partner in global supply chains. Electronics manufacturing in India is projected to grow aggressively at 43% CAGR over 2023 to reach $300 bn by 2026, while exports are expected to cross $120 bn in the same timeframe. The Invest India team highlighted a $60 bn display market opportunity from 2021 to 2025.
The delegates later met various industry associations in a meeting hosted by FICCI and facilitated by Vedanta. Representatives of FICCI, ASSOCHAM, India Cellular and Electronics Association (ICEA), and Manufacturers Association of Information Technology (MAIT) interacted with the Korean delegation and discussed potential avenues for cooperation. A key outcome of this meeting was an affirmation to create a common meeting ground for Korean and Indian companies in the display industry.
Akarsh Hebbar, Global MD, Vedanta’s Semiconductor and Display Business, said, “Vedanta is honored to anchor this high-level delegation led by KOTRA and KDIA, and help showcase India as a preferred destination for investment in the high-tech electronic manufacturing sector. This visit is a follow-up of our engagement with the Korean government and the country’s display industry earlier this year, in which we received tremendous response to our call for Korean companies to partner with us in India.”
Seungki Lee, Director, KOTRA, said, “We are excited about the prospects that India’s high-tech electronic manufacturing sector offers. India’s efforts to incentivize display manufacturing and favourable investment climate make the country an attractive destination for Korean companies. We remain committed to fostering collaboration between Korea and India.”
Bilateral trade between India and South Korea has been growing over the last three decades to reach $23.7 bn. India and Korea are also seeking to expand a Comprehensive Economic Partnership Agreement (CEPA), with an ambition to increase bilateral trade to $50 bn by 2030. Korea’s total FDI to India from April 2000 up to September 2022 was valued at $5.35 bn.