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India, South Korea need to complement strengths: Piyush Goyal

13 Nov '21
2 min read
Pic: Arun Bhargava |
Pic: Arun Bhargava |

India and South Korea need to complement their complementary strengths in textiles, chemicals, automobiles, food processing, leather products, metals, mining and also through traditional sectors like steel and look at new emerging opportunities in defence, e-commerce and retail, India’s minister for commerce & industry and textiles Piyush Goyal has said.

Foreign direct investment (FDI) in India has been growing rapidly over the last few years, Goyal said while addressing the 4th edition of the India-Korea Business Partnership Forum organised by CII-KITA (Confederation of Indian Industry-Korea International Trade Association). “We have today become an attractive and preferred destination for investments.”

Goyal said the Prime Minister Narendra Modi’s ‘Make in India’ initiative is complemented by President Moon’s ‘New Southern Policy’. “Many Korean companies have leveraged the opportunities that India has to offer to ‘Make in India’ for the world using the competitive and comparative advantages of skilled manpower, low-cost manufacturing and the government support that is provided for businesses in India.”

“During the COVID-19 pandemic, India has demonstrated our resilience, our capacity to serve the world, our capabilities in terms of being a trusted partner for businesses around the world,” Goyal said.

He added that the Indian economy is bouncing back and will possibly see one of the fastest growth rates across the world. “Our exports are at an all-time high,… Both on the Manufacturing side and on Services our PMI is at all-time highs. We are leveraging our strengths to realise the goal of AatmaNirbhar Bharat, a self-confident and self-reliant India...”

The Indian government has taken several policy measures to support industry and services. Goyal said, “We have a very vibrant Production Linked Incentive (PLI) programme in which many Korean companies have also participated. We have a National Single Window launched recently, a National Infrastructure Pipeline with projects worth over a trillion dollars providing opportunities for infrastructure companies. We have reduced Corporation taxes to amongst the lowest in the world giving additional incentives to new investments, liberalised our Foreign Investment regime and many other measures to support the growth of the Indian economy.”

He added that “In the last four- or five-years India is home to about 70 Unicorns, nearly half of them only in the last year of the COVID pandemic.”

Fibre2Fashion News Desk (RKS)

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