Mumbai, May 24: As a part of their expansion plans, Global leader LG chemicals are planning to expand their Indian operations with investments of US$100 mn in Maharastra. Subhash Desai, Minister of Industries, Government of Maharashtra inaugurated the eighth edition of the G-Fair 2016 exhibition in Mumbai which was attended by over 120 companies and over 186 delegates from South Korea.
Speaking on the occasion, Desai remarked, “Maharashtra being the economic and commercial capital of India and a premier industrial state, South Korean companies such as LG Group, Hyundai, Posco, Daewoo have set up operations here. We would give all possible support and assistance to such companies looking at investment in Maharashtra. We have reduced the number of statutory permissions and created a conducive atmosphere for investments.”
G-Fair Mumbai–Korean Products Exhibition 2016, organized here attracted over 5 Thousand delegates and had various B2B meetings.
Soungeun Kim, Consul General of the Republic of Korea said LG Chemicals. is planning to invest US$ 100 million in Maharashtra and US$ 200 million in Gujarat soon Kim further remarked that India offers an incredible investment market across sectors and is also ranked 3rd after the US and China in terms of purchasing power.
On the eve of the G-Fair Exhibition 2016, All India Association of Industries (AIAI), with the support of World Trade Centre Mumbai and other partners, organised the Korea India Business Partnership Forum 2016 on ‘Bilateral Co-operation for India Smart City Programme’ . Speaking at the forum, Bok Wan Yang, Vice Governor, Gyeonggi Province, South Korea remarked, “Gyeonggi Province is known for its information technology (IT), biotechnology, semi conductors and other industries. With cutting edge technologies we are planning to create Smart Cities for the future generation by implementing the concept of ‘zero cities’ with zero waste, zero carbon emissions, zero pollution, zero cost for start-ups.”
Leading business and administrative officials of South Korea, including Min-cheol Lee, Director General, Ministry of Trade, Industry and Energy (MOTIE), Government of The Republic of Korea, participated at the forum.
Lee said South Korea is highly impressed with the performance of Indian manufacturing and service industry which indicates that “India has a potential to grow at 8-9% and beyond”. The Comprehensive Economic Partnership Agreement (CEPA) between the Republic of Korea and India is important for accelerating economic development; desiring to promote mutually beneficial economic relations.
Image courtesy : Economic Times
