FM meets S Korean Deputy PM, seeks investment in manufacturing, RE sectors

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IANS | 04 May, 2023
Finance Minister Nirmala Sitharaman on Thursday exhorted South Korea to invest in India as she highlighted the country's enabling policy framework for electric vehicles and green hydrogen sectors.

Meeting South Korea's Deputy Prime Minister and Finance Minister Choo Kyung-ho on the sidelines of the ADB's annual meeting in Incheon, she emphasised on greater opportunities in India for investments in manufacturing, renewable energy, infrastructure, pharmaceuticals and food processing, including marine resources, among other sectors, official sources said.

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

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 50th anniversary of diplomatic relations.

Choo Kyung-ho said the two countries should continue to broaden cooperation and engagement and hoped that Korea will get the opportunity to participate in the investment avenues in India.

He 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 strengthen and broaden the economic and cultural cooperation between the two countries.

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

She also mentioned that India is looking forward for more committed bilateral relations between the two nations and more ways to further deepen the investment cooperation.