Modi woos Korea, targets SME, ship building sectors

Holds meeting with several companies like Posco.

To attract investment into the state a business delegation led by Gujarat Chief Minister Narendra Modi and 24 representatives of various industries visited South Korea, from May 15 to May 19.

The state government focussed on the small and medium enterprises in Korea and the shipbuilding industry for investment in the state. The state has signed an MoU with the Small Business Corporation of Korea which will provide the Korean companies an easy entry into the state.

The delegation also held a number of meetings with companies like Posco.

The delegation led by Narendra Modi included representatives of Essar, Adani, RIL, Torrent, Nirma, Welspun, ABG Shipyard, Orpat, Sanghi Industries, Harsha Engineers, Shah Alloys, Jindal Saw, Jaypee group, Hindalco, Alok Industries, Akruti Nirman, Krishna Group, Ashima Group, GM, L&T and Electrotherm.

D Rajagopalan, Principal Secretary, Industries and Mines, Gujarat, told reporters, "The delegation's major focus was on three sectors which include small and medium enterprises of Korea, Korea's shipbuilding sector and also the state has sought cooperation of the Korean government in the water management sector. Gujarat Industrial Development Corporation (GIDC) signed an MoU with the Small Businesses Corporation of Korea which will enter the state. The SME sector of Korea has a major share in its economy and, these small and medium companies are interested in the state but have no idea how to do it or they are not aware of the Gujarat based companies. Through this MoU, these companies will have proper guidance and facilities. The MoU will also explore the possibilities of investment in the state."

The second area of focus during the visit was the ship building sector.

Korea is the largest ship builder with 40 per cent share of the world's ship building Industry.

The leading Korean shipbuilding companies are very interested in investing in the state as Gujarat also has ship building facilities and a long sea shore."

"The third focussed area was water management. Chief Minister also met Park Hong-Soo, the minister of agriculture and forestry, Korea. Gujarat government signed an MoU with Korea Rural Community and Agriculture Corporation (KRC). The MoU was signed between KRC and Gujarat State Fertilizers and Chemicals (GSFC) and Gujarat Green Revolution Company (GGRC) and advisor to government of Gujarat for Kalpasar Project. The delegation also visited Saemangeum project which is identical to the proposed Kalpasar project in Gujarat."

Rajgopalan also said the state government will also hire a Korean company for technical help in the Kalpasar project."

Rajgopalan said that the delegation also held a number of meetings with Korean companies like Posco conglomerate, Daesung, Samyang Corporation, Fagioli, Kumbho Electric Daewoo International.

Rajgopalan said that the response from these companies was very warm. Speaking of the meeting with POSCO he said that the steel company has shown interest in the state and considers Gujarat as a steel hub.