South Korea has evinced its interest in investing in healthcare, food processing, electronics, renewable energy, infrastructure, and tourism sectors in Kerala, and bringing Korean companies to the State. A high-level South Korean delegation led by the Embassy of the Republic of Korea and Korean Trade-Investment Promotion Agency (KOTRA) visited Kochi and met Industries Minister P. Rajeeve and KSIDC Chairman Paul Antony.
The high-level South Korean trade delegation, comprising heads of its apex trade and industry organisations, including the Embassy, visited Kerala to explore possibilities of investment and collaborations in upcoming sectors. The delegation also met representatives of various trade and industry and key officials.
Both sides discussed economic and bilateral cooperation between Korea and Kerala. The Korean delegation expressed interest in electronics, mobile technology, manufacturing, pharmaceuticals, and medical devices in the State, which has a huge potential for Korean companies. They also agreed that renewable energy, power, agro and food processing, and tourism might be opportunities for collaboration between companies from Korea and Kerala.
According to Rajeeve, a meeting of the heads of Korean companies operating in India will be called shortly to convince the investor situation in Kerala and to provide necessary facilities for investment. The Minister pointed out that the start-ups from Makers Village in Kerala and the activities of Keltron are symbols of the Kerala’s unique expertise. Kerala’s new industrial and commercial policy has benefits, such as GST reimbursement and tax relief. If Korea is ready to invest in artificial intelligence, Ayurveda, biotechnology, design, food processing, electric vehicles, logistics, nanotechnology, tourism, and 3D printing, the Government will provide all help, he said.
Paul Antony pointed out that there is more investment potential in the marine cluster starting in Kochi and the defence sector related to Cochin Shipyard. There is a lot of potential for cooperation with Korea in the seafood, frozen food, and spice sectors. Korean cooperation is possible in IT and electronics as well. He invited Korea to cooperate with Keltron in the defence sector.
FICCI Kerala State Council Chairman Deepak Aswani said that there is a lot of potential for Korean investment in Kerala.
India-Korea Business Cooperation Center South Asia Managing Director Joonhwa Bin assured the Industries Minister that they will conduct investment promotion seminars in collaboration with the Kerala Government and organize knowledge-sharing programs to utilize Kerala’s workforce.
According to the delegation, KOTRA will share the features of Kerala with Korean companies to attract them to State. “I hope, post this visit multiple opportunities open up in Kerala,” said Kwang Seok Yang, the Commercial Attache, Korean Embassy, New Delhi.