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Our Bureau

New Delhi , Aug. 5

THE India-South Korea bilateral trade is expected to grow by over 30 per cent to reach the $6-billion mark in the current financial year, says a PHD Chamber of Commerce and Industry analysis. This growth was 16 per cent last fiscal.

The analysis, done to assess emerging trends in India's bilateral trade with its major trading partners, says that due to good performance logged by the country's automobile and electronic goods sector and its economy's consistent performance is fast making it a prime destination for increasing number of South Korean companies to set up shop here.

"Though the balance of trade is heavily tilted in favour of South Korea with India importing goods worth $3.2 billion accounting for three per cent of India's total imports, India exported goods worth $965 million to the country in 2004-05. It indicates that Indian products are fast getting acceptance in South Korea," said Mr K.N. Memani, President, PHDCCI.

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