Korea Plus channel to facilitate investment in India

19 May '15

2 min read

The Government of India would establish a Korea Plus channel to facilitate South Korean investment and operations in India. This was disclosed by visiting Indian Prime Minister Narendra Modi at a joint press briefing with Korean President Park Geun-hye.

“We had extensive discussions on our economic relations,” and “President Park and I see vast opportunities for Korean companies to participate in our ‘Make in India’ mission,” said Modi.

Stating that many Korean brands are household names in India, Modi said Korean companies have the edge to succeed in India.

Both leaders shared the view that India-Korea bilateral trade is modest and well below its potential. They agreed to review the Comprehensive Economic Partnership Agreement and other market access related issues.

Later, speaking at the India-Republic of Korea CEOs Forum, Modi said Korea Plus will be a dedicated mechanism for hand holding of Korean investors. Modi also assured the CEOs of his personal attention if there are any issues.

During the visit, both nations signed 7 agreements/MoUs in various areas. These include an agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income. Under this, India-Republic of Korea Double Taxation Avoidance Convention, signed in 1985, has been revised with a view to avoiding the burden of double taxation on taxpayers in the two countries. (RKS)

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