A high level business delegation from Republic of Korea (RoK) (South Korea) led by Korea’s ambassador to India H.E.Mr Joon Gyu Lee called on Punjab Chief Minister Parkash Singh Badal and Deputy Chief minister Mr Sukhdev Singh Badal to explore the diverse business opportunities in the state of Punjab.

The visit of the delegation consisting of high officials from major Korean companies and business associations has been organised by the India –Republic of Korea Friendship Society ( IRKFS) , Embassy of Korea in India and Korean Chambers of Industry and Commerce in India (KOCHAM) .

“ We appreciate recent steps taken by Punjab Government towards ease of doing business and creating atmosphere for attracting investment, this will help Punjab to become a investment destination as well as generate more jobs with more industry being set up in various parts of the state. Korean companies with vast and globally recognized experience and are eager explore business opportunity and to invest in North region ” said Mr Joon Gyu Lee ,Ambassador of Korea in India .

On the interest shown by South Korean companies to expand manufacturing operations and develop infrastructure in India and Three smrt cities of Punjab , the envoy said: “You may expect larger number of Korean companies and more investments. Decisions will be made by companies themselves, but I can share the bright prospects,” he said.

“Our companies have been doing well in India. This has led Korean company to consider further expansion of their manufacturing and other operations in India. I hope the trend continues. I’m sure Korea can become a key partner in ‘Make in India’ initiative,” said Lee.

“Punjab is the first state in the country to adopt one –stop clearance by setting up Bureau of Investment Promotion for the investors to set up new industries . As a result we welcome setting up of new units by various countries including Korea.The industry is expanding in the state because of pro industries policies, the bureau has cleared more than 200 projects since its inception.” said Prakash Singh Badal, while welcoming the delegation.

“We seek Korean companies cooperation in skill development and technical and infrastructural support in making Ludhiana, Jalandhar and Amritsar as Smart cities.We seek support in the setting up of skill development centres in automobiles, electronics, health and infrastructure in the state .” said Mr Badal.

“The setting up of new units by Korean companies will help in generating employment for the youth including women in the state . We have already waived VAT for 10 years for new units in the state. We would like to set up skill development centre in state with PPP model and are ready to provide free land.For setting up industry apart from economic incentives , we also can set up Indo Korean Business park near the new airport in Mohali ” said Mr Sukhbir Singh Badal ,Deputy Chief Minister Punjab .

“We have the best investment policy and infrastructure including new international airport to become operational next month. Another airport is also planned in Adampur in Punjab and almost all roads in the state ill become four and six lane by end of next year” Deputy CM said .

Luis Kim,Vice President Samsung Electronics planning to set up new unit evinced keen interest in the state and Mr Kabir Singh, President Sigma Freudenberg NOk offered Indian partnership in the automobile sector and setting up new unit in Punjab.

“The high level business delegation composed of various well known Korean companies representing various vital sectors of industries including automobiles, infrastructure, steel, consumer electronics, investment, consulting, and Information Technology , visited Sigma Freduenberg NOK, an Indo German and Japan joint venture yesterday and will later today meet Punjab Finance minister Parminder Singh Dhindsa” Mr Satish Sharma, Secretary, India-Republic of Korea Friendship Society (IRKFS) and advisor KOCHAM

“ Apart from Korean Ambassador , other representatives in the delegation include Chief Director General for India and South Asia of KOTRA, a South Korean government body, Secretary General of KITA and KOCHAM, Chairman POSCO (One of the largest steel makers in the world) , Managing Director Hyosung Corporation and Senior Vice President Samsung Electronics and Senior Vice President of Samsung (Construction&Trading).” Said Mr Sharma.