High-level Korean team to meet Punjab CM, explore biz scope

A high-level business delegation led by Korean Ambassador to India Joon-Gyu Lee will be in town on August 20-21 to meet Chief Minister Parkash Singh Badal and explore business opportunities in the state.
Prime Minister Narendra Modi had visited South Korea in May this year when the two countries signed seven agreements, including one on avoidance of double taxation and formalising consultations between National Security Councils of the two nations to boost bilateral ties.
"The focus of the visit will be Make in India initiative, manufacturing and infrastructure sector, automotive, IT and consumer electronics.
"PM Modi's initiative of skill development among Indian youth may also find a willing partner in South Korea by emulating its focus on technical and vocational training, especially in Punjab," Secretary, India-Republic of Korea Friendship Society (IRKFS) Satish Sharma said.

The delegation, which comprises representatives of Korean companies in sectors like automobiles, infrastructure, steel, consumer electronics and IT, will also call on Punjab Finance Minister Parminder Singh Dhindsa.
A visit to the state-of-the-art auto component plant of Sigma Freudenberg NOK in Basma, near Banur, is part of the itinerary, according to a release.

"Apart from the Korean Ambassador, other representatives in the delegation will include Chairman POSCO, Managing Director Hyosung Corporation, Senior Vice-President Samsung Electronics and Senior Vice-President Samsung (Construction & Trading)," Sharma said.
The bilateral trade stands at about USD 16 billion and the two sides are keen to take it up substantially. There are 300 Korean companies that have invested about USD 3 billion in India and employ some 40,000 local workers.

India's investment in South Korea is close to USD 2 billion.