Korean companies have leveraged opportunities under Make in India
Minister for Commerce & Industry Piyush Goyal has invited South Korean entrepreneurs to invest in new sectors like Defence and Retail, adding that India needs to complement complementary strengths in Automobiles, Textiles, Food processing, Leather Products, Metals, Mining, Chemicals and traditional sectors like Steel.
Addressing the 4th edition of the India-Korea Business Partnership Forum organised by CII-KITA on 12 Nov 2021, he told Korean investors to look at new emerging opportunities in Defence, e-Commerce and Retail.
“Many Korean companies have leveraged the opportunities that India has to offer under ‘Make in India’ for the world using the competitive and comparative advantages of skilled manpower, low cost manufacturing and the Government support that is provided for businesses in India.”
“We are widely recognised today as the pharmacy of the world providing medicines and vaccines across continents,” said Goyal, adding, “We plan to manufacture 5 billion vaccines next year and ensure the safety and security of people across the world post-vaccination.”
Goyal assured, “Our economy is bouncing back and will possibly see one of the fastest growth rates across the world. Our Exports are at an all-time high and both on the Manufacturing side and on Services our PMI is at all-time highs.”
He also highlighted that the Government has taken several policy measures to support Industry and Services. “We have a very vibrant Production Linked Incentive programme in which many Korean companies have also participated. We have a National Single Window launched recently, a National Infrastructure Pipeline with projects worth over a trillion dollars providing opportunities for Infrastructure companies.
“We have reduced Corporation taxes to amongst the lowest in the world giving additional incentives to new investments, liberalized our Foreign Investment regime and many other measures to support the growth of the Indian economy,” he said.
He also highlighted that India is home to about 70 Unicorns within the last five years and nearly half of them only in the last year of the Covid pandemic. #economy #investment #manufacturing #exports /fiinews.com
