A high-profile trade delegation from South Korea has recently concluded its visit to India, aimed at exploring investment and partnership prospects within the burgeoning high-tech display industry. Spearheaded by the Korea Trade-Investment Promotion Agency (KOTRA) and the Korea Display Industry Association (KDIA), the delegation embarked on this mission at the invitation of the Vedanta Group.
During their stay in India, the delegation embarked on a tour, seeking first-hand insights into potential investment opportunities across the nation. They journeyed to key cities including Dholera SIR, Ahmedabad, Mumbai and New Delhi, where they engaged with pivotal stakeholders. On the concluding day of their visit, the delegation convened at the Invest India office, where they were exposed to the vast opportunities available to foreign enterprises eager to participate in the “Make in India” initiative. Additionally, the delegation received an in-depth briefing on various policies and incentives designed to facilitate a conducive business environment in the country.
This visit comes in the wake of India’s commitment, as reaffirmed at the recent G20 summit, to become a reliable global partner in the supply chain arena. Projections indicate a robust growth of 43% CAGR in the electronics manufacturing sector in India from 2023, with an anticipated value of $300 billion by 2026. Simultaneously, exports in the sector are expected to surge beyond $120 billion within the same timeframe. Notably, the Invest India team emphasized a substantial $60 billion display market opportunity spanning from 2021 to 2025.
The delegation subsequently convened with various industry associations in a meeting convened by the Federation of Indian Chambers of Commerce and Industry (FICCI) and facilitated by Vedanta. Representatives from FICCI, the Associated Chambers of Commerce and Industry of India (ASSOCHAM), the India Cellular and Electronics Association (ICEA), and the Manufacturers Association of Information Technology (MAIT) engaged in discussions with the Korean delegation. The primary outcome of this interaction was a commitment to establish a common platform for Korean and Indian companies operating within the display industry, fostering greater cooperation.
Akarsh Hebbar, Global Managing Director of Vedanta’s Semiconductor and Display Business, expressed his enthusiasm, stating, “Vedanta is honored to have anchored this high-level delegation led by KOTRA and KDIA, showcasing India as the preferred destination for investment in high-tech electronic manufacturing. This visit follows our successful engagement with the Korean government and the country’s display industry earlier this year, which garnered tremendous interest from Korean companies looking to partner with us in India.”
Seungki Lee, Director of KOTRA, echoed Hebbar’s sentiments, saying, “We are excited about the prospects that India’s high-tech electronic manufacturing sector offers. India’s efforts to incentivize display manufacturing and its favorable investment climate make the country an attractive destination for Korean companies. We remain committed to fostering collaboration between Korea and India.”
Bilateral trade between India and South Korea has experienced robust growth over the last three decades, culminating in a total value of $23.7 billion. Both nations are now actively pursuing an expansion of their Comprehensive Economic Partnership Agreement (CEPA), with the ambitious goal of elevating bilateral trade to $50 billion by 2030. South Korea’s cumulative Foreign Direct Investment (FDI) in India, from April 2000 to September 2022, stood at a substantial $5.35 billion.