Koreans have transformed Indian market
South Korean companies have been urged to should expand their already big footprint in India, especially in manufacturing for both the domestic and export markets.
“I urge the Korean companies to expand their manufacturing in defence electronics, medical electronics, and lithium batteries designed for running electronic vehicles,” Ravi Shankar Prasad, Minister for Electronics, and Information Technology, said in making the call on Korean corporations.
The post liberalisation era in India saw the arrival of three Korean companies – Hyundai, Samsung and LG, which transformed the face of the automobile, consumer electronics and high end electronics market in India, he highlighted.
“Make in India for not only India but for the neighbouring markets of Middle East and ASEAN as well.” said Prasad.
He also pointed out the flourishing e-commerce sector which opens window of opportunities in the areas of digital payments, cyber security, and newer technologies like Artificial Intelligence, Robotics and Internet of Things.
The Minister addressed the India-Korea Business Summit held on 27 February 2018 at New Delhi by the Confederation of Indian Industry (CII) and Chosun Ilbo in cooperation with the Department of Industrial Policy and Promotion (DIPP).
The Indian government is also in the process of revising the 2012 electronics policy and simplifying the Ease of Doing Business norms further.
Acknowledging the market potential, Amit Gujral, LG India’s Chief Marketing Officer, pointed out his company’s use of innovative technology to make life good for consumers. fii-news.com
