South Korea expressed interest in starting trade and industry units with major investments in the state-1689724800

South Korea expressed interest in starting trade and industry units with major investments in the state

STAFF REPORTER

July 19,2023

An AP delegation, led by finance minister Buggana Rajendranath, on a visit to South Korea, held discussions with Korean officials, the Korea Trade Investment Promotion Agency (KOTRA), Sahmyook University and trading groups this week.

They expressed interest in starting trade and industry units with major investments in the state.

Rajendranath, during his meeting with Sahmyook University officials, discussed the possibility of them setting up innovative projects such as Korean language labs in AP, which would help the Andhra youths seeking study and work abroad, especially in Korea, as also a faculty exchange programme.

The university agreed to provide support to AP in the field of vocational education, Korean language studies etc that could help youths get placements in South Korea. A student exchange programme and a Single Point of Contract has been agreed on by Sahmyook university to take the discussions forward.

Rajendranath also met India’s Ambassador Amit Kumar and discussed the economic development prospects between Korea and AP.

Exchanging ideas related to investment prospects, the AP minister said the state government led by Chief Minister Y.S. Jagan Mohan Reddy is ready to set up industrial clusters in AP to facilitate their tie up with industries in South Korea.

Special emphasis was given on import and export of seafood as AP has the nation’s second longest coastline. The FM explained the state’s import duty structure and requested the ambassador for necessary support by creating a conducive environment for business.

The ambassador promised the embassy’s full support in promoting investment in AP from Korea.

Indian Chamber of Commerce representatives Pankaj Srivastava, Global CFO, Coupang, Jong Baek Park, Partner BKL, Pankaj Agrawal, Founder & CEO and Inbom Choi, CEO Sage Strategies, along with the AP minister discussed the business opportunities for AP with Korea.

The ICCK has agreed to extend its full support to AP in improving the trade and economic partnerships.

KOTRA representatives Heo Jinwon, director general, overseas investment & reshoring support department; Cho Eunbum, director, outbound investment and M&A team; Joo Yound Do, deputy director, outbound investment and M&A team, Hong Changseok – director, Asia, Mideast and Africa research team and Park Minjeong - assistant manager, participated in the talks.