India-South Korea to expand business investments, grow strategic ties

- Advertisement -

India-South-Korea-FlagTuesday, December 30, 2014: India and South Korea decided that they will improve their strategic partnership through building more ties in sectors like shipbuilding, electronics, defence production, infrastructure and energy. The two countries have also decided to partner with each other in areas like nuclear energy and cyber security.

External Affairs Minister Sushma Swaraj and her South Korean counterpart Yun Byung-se reached this decision at the eighth Joint Commission Meeting. As disclosed by Ministry of External Affairs, the two countries have agreed to cooperate in the sectors of defence equipment and technology too. While delivering her speech, Swaraj said that South Korea is one of the most important contributors in India’s economic growth and then she invited South Korean firms to make investments in the country, as the part of Make in India initiative.

She also mentioned about South Korean contribution in India’s ‘Act East’ initiative. Yun also acknowledged the government’s initiatives and agreed that South Korean companies will be motivated further to expand their businesses in India. South Korea also offered an invitation for PM Narendra Modi to visit the country. Swaraj has welcomed the invitation and agreed that Modi will visit the country at the earliest possible date, and arrangements for the same have to be looked after earnestly by both the countries.

- Advertisement -

Swaraj also met South Korean President Park Geun-hye and held meetings with the Minister of Trade, Industry and Energy and the National Security Advisor. Presently around 300 South Korean companies have made investments in India of around $3 billion and around 40,000 people are employed by these companies in this country. The two countries’ bilateral trade is estimated around $16 billion and Indian companies have also around $2 billion investment in South Korea.

- Advertisement -

Most Popular Articles

Exclusive

Breathing Through “First-Time Silicon Success”

0
No one is born a leader, but the choices we make in life propel us to become a leader. For Chitra Hariharan, an innocent...

Worldwide Chip Sales Increased By 1.1% In April, Marking First 2024 Growth

0
A new forecast predicts robust annual growth, and the semiconductor market shows strong momentum, especially in the Americas and China. The Semiconductor Industry Association (SIA)...

5G Chipset Market to Hit $92.09B by 2030

0
Reports indicate that the global next-gen wireless processor market is on track to surpass the $100 billion mark in the coming decade. The 5G chipset...

Buzz

Gruner Bags 11 CBG Plants Order From Reliance

0
The Noida-based CBG plant manufacturer is set to build a large facility in Gujarat in association with Reliance Industries, expects a vast turnover with...

Tesla Sues Former Supplier For EV Battery Secrets Theft

0
According to the lawsuit, Matthews, located in Pittsburgh, started providing manufacturing equipment to Tesla in 2019. Tesla disclosed to Matthews proprietary information about dry-electrode...

Ola Electric Launches 4680 Battery Cells Production

0
Ola Electric launches its in-house designed 4680 battery cells, testing them in two-wheelers, and prepares to produce 10,000 cells daily in Tamil Nadu by...

Important Sectors

Gruner Bags 11 CBG Plants Order From Reliance

0
The Noida-based CBG plant manufacturer is set to build a large facility in Gujarat in association with Reliance Industries, expects a vast turnover with...

Tesla Sues Former Supplier For EV Battery Secrets Theft

0
According to the lawsuit, Matthews, located in Pittsburgh, started providing manufacturing equipment to Tesla in 2019. Tesla disclosed to Matthews proprietary information about dry-electrode...

Ola Electric Launches 4680 Battery Cells Production

0
Ola Electric launches its in-house designed 4680 battery cells, testing them in two-wheelers, and prepares to produce 10,000 cells daily in Tamil Nadu by...

Sundram Fasteners Wins ₹4,000 Crore In EV Orders, Eyes Expansion

0
Plans to increase the revenue share from non-automotive segments in the upcoming years. Sundram Fasteners Ltd, a prominent manufacturer of auto parts, is seeing substantial...

MHI Proposes ₹12,600-30,000 Crore For EV Adoption

0
MHI has put forth a significant proposal ranging from ₹12,600 to 30,000 crore under the FAME-III scheme, to accelerate the adoption of Electric Vehicles...

Manufacturing

Honeywell Creates AI Software For Gigafactory Efficiency

0
Honeywell anticipates that its new battery manufacturing excellence platform will lower the costs of cell production, speed up the ramp-up cycles, and decrease material...

Raju B Ketkale Named CEO Of Lumax Industries

0
He takes over from Vishnu Johri, who is stepping down for personal reasons. Lumax Industries Limited, a Tier-1 automotive lighting system and component manufacturer within...

Schaeffler And Symbio JV Innoplate Starts Fuel Cell Plate Production

0
Starting with an initial production capacity of 4 million bipolar plates, the Innoplate joint venture is projected to achieve an annual output of 50...

Tesla Pushes Suppliers To Source Parts Beyond Taiwan And China

0
China and Taiwan are major global producers of essential electronics parts and components. Tesla has requested that its suppliers move the production of components and...

Uno Minda Shines With Increased Content Per Car And EV Focus

0
Uno Minda, a key player in the auto parts industry, has demonstrated significant revenue growth, surpassing industry averages by more than double over the...