FM Sitharaman discusses Greater Opportunities for Investments in India with South Korean Dy PM

Business MInutes

Union Finance Minister Nirmala Sitharaman on Thursday discussed with South Korea's Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho about greater opportunities in India for investments in various sectors.

Sitharaman emphasised greater opportunities in India for investments in manufacturing, renewable energy, infrastructure, pharmaceuticals and food processing, including marine resources, among other sectors. She met her South Korean counterpart on the sidelines of the 56th ADB annual meeting in Incheon, South Korea.

Both leaders recognised that India and South Korea share a special strategic partnership, which is also manifested in the fact that both countries are celebrating the 50th anniversary of India-South Korea diplomatic relations, according to a series of tweets from the Finance Ministry.

Sitharaman also highlighted India's raised Nationally Determined Contribution (NDCs) and India's enabling policy framework for electric vehicles and the green hydrogen sector for further attracting investment in India with the engagement of the Korean Government.

She also invited Korea Investment Corporation (KIC) and other investors to take forward investment in the infrastructure sector in India.

The South Korean Minister said the two countries should continue to broaden cooperation and engagement and that he hoped that Korea will get the opportunity to participate in the investment avenues in India.

Sitharaman pointed out that the recently signed Eastern Dedicated Freight Corridor (EDFC) loan agreement for the "ITS establishment of Nagpur Mumbai super communication expressway" project will open a gateway for other developmental projects in India.

Referring to the Nagpur project, Choo Kyung-ho informed Sitharaman that the Korean investment in the project currently stands at 215 billion won (about Rs 1,495.68 crore).

The South Korean Minister appreciated India's leadership of G20 and extended Korea's cooperation and support to the G20 India Presidency and added that it will be meaningful to continue to strengthen and broaden the economic and cultural cooperation between the two countries.

Sitharaman informed Choo Kyung-ho about investment opportunities for value addition in the seafood sector in India and about the newly identified projects under the EDCF Framework Agreement and expressed hope for their quick implementation.

Sitharaman mentioned that India was looking forward to more committed bilateral relations between the two nations and more ways to further deepen investment cooperation.


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