POSCO WILL INSPIRE KOREAN BUSINESS TO INVEST IN INDIA: PARK

     (The following press release from FICCI was received by e-mail. The sender 
verified the statement.) 
Ms. Park Geun-hye, President of Korea, today expressed the hope that when the 
POSCO project in Orissa kicks off in full scale, it would inspire other large 
conglomerates in Korea to channelize investible funds into India. The extension 
of cooperation to SMEs would lead to creation of more jobs in India and Korea, 
she said while addressing captains of trade and industry of India and Korea at 
a meeting organized by FICCI, CII and ASSOCHAM. 
President Park  urged Korean and Indian business to make concerted efforts to 
build a creative economy to usher in new opportunities for the people of the 
two countries in the future. 
She said the Korea-India CEPA that was operationalised in 2010 had resulted in 
a 70% increase in bilateral trade volume. There was enough potential to raise 
the level of trade and investment to much high levels through optimum 
utilization of the CEPA and liberalization of the visa regime for greater 
people-to-people contacts, she added. 
Mr. Anand Sharma, India's Commerce and Industry Minister, said that India was 
keen on Korean investments in the manufacturing sector, particularly in the 
National Industrial Manufacturing Zones. "We have put in place single window 
approval mechanisms  and Korean industries should look at investing in the 
upcoming industrial townships. He said that Korean technology and resources 
were also welcome in IT, electronics, particularly semi-conductors and chips 
making. Korea's strengths in the energy sector could be synergized to reduce 
Indian dependence on energy imports, he added. 
Mr. Park Yongmaan, Chairman Korean Chamber of Commerce and Industry and 
Chairman & CEO of Doosan Group, the oldest enterprise in Korea, emphasized the 
need for closer cooperation between businesses of the two countries to take the 
bilateral trade volume to USD 40 billion by 2015 from USD 20 billion in 2011. 
Mr. Raj Kumar Dhoot, MP, Immediate Past Past President, ASSOCHAM, said that 
Korea posseses advanced technology and industries that the rapidly growing 
Indian economy will need to maintain a robust growth rate, while India has 
strengths in key sectors such as pharmaceuticals, healthcare and the IT sector 
to boost the south Korean economy. Some of the areas which need to be tapped to 
broadbase and diversify the India-Korea partnership are promotion of SME 
interests on both sides, opportunities for investment in India's infrastructure 
sector and prodvision of more market access to India pharma companies in Korea 
to supplement the Korea pharma market. 
Mr. Rajive Kaul, Past President,  CII, in his remarks, stated that India-Korea 
economic cooperation could be accelerated through active cooperation to 
strengthen manufacturing in India in areas such as cutting-edge technologies, 
electronic hardware manufacturing, telecom equipment, heavy industries and rail 
transport management systems. There was great scope Indian and Korean companies 
for tie-ups in energy, including nuclear and clean energy, joint ventures 
between SMEs and  infrastructure development projects 
Mr. Sidharth Birla, President of FICCI, in his remarks, said, "The visit of 
President Park Geun-hye comes at a time when India and Korea are setting a 
stage for more proactive enegagement in their 40-year old relationship, These 
decades have seen Korea and India transcend routine political, economic, social 
and cultural bonds to forge a 'strategic partnership', on that has over the 
years thrived on steadily growing interaction between our governments and 
businesses, consensus on global issues and people-to-people exchanges." India, 
he said, looked forward to more Korean investments in the Delhi Mumbai 
Industrial Corridor and the National Industrial Manufacturing Zones as well as 
in areas other than manufacturing such as IT and services. 
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