Korean firms keen to invest in north India: Envoy

South Korean companies have expressed willingness to invest, especially in IT companies, in states such as Punjab, Haryana, Himachal Pradesh and in UT Chandigarh, an official said Thursday.

Korean companies are keen on developing information technology, internet of things, artificial intelligence, smart factories, and infrastructure projects, including smart cities, transportation, and power generation & transmission, said Shin Bong-Kil, Ambassador of South Korea in India, while visiting Infosys technology facility in the city.

"Korean companies are good in developing technology and manufacturing, while Indian services and IT companies are well-known for their expertise. If both join hands and form joint companies, they can do wonders globally," according to a release quoting the Ambassador.

Korea is keen to forge business ties, joint ventures, partnerships, mergers and develop other inter-trade mechanisms such as appointing dealerships and distributor channels with the industrialists from northern India, especially Chandigarh, Punjab, Himachal and Haryana, he said.

He also referred to the recent visit of Korean President Moon Jae-in the country and various steps taken by India, including the launch of 'Korea Plus', a special initiative to promote and facilitate Korean investments in India.

"Steps for ease of doing business and creating an ideal investment environment coupled by success of several existing Korean companies in India, a large number of new companies are interested in investing and setting up industries in India and becoming a key partner in 'Make in India' initiative," he said.

He said the India-Korea Comprehensive Economic Partnership Agreement has a potential to take bilateral trade relations between the two countries to new highs.