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    South Asia
     Sep 27, 2005
Direct investment from Korea to India to increase

MUMBAI - A leading South Korean business magnate today said foreign direct investment (FDI) from his country to India would continue, as Seoul felt comfortable doing business with New Delhi.

"Bilateral trade between the two countries grew from a paltry US$50 million in 1991 to over US$5.4 billion in 2004," said vice president of the Korea Chamber of Commerce and Industry (KCCI) Seung Woon Kim, who is leading a 30-member business delegation.

"Already this year, the bilateral trade has crossed the US$3.6 billion mark. With many large Korean companies like POSCO planning to make huge investments in India, prospects of FDI flow from Korea is very bright. Korea is already the fifth largest investor in India."

Thanks to liberal government policies and a congenial business environment, India is the second most-favored country for



investment in the world today, Kim said.

Speaking about the "impressive" business atmosphere in India, Korean Consul General Byung Seung Oh said, "This is a country with which Korean companies will feel comfortable to do business and make investment on a long-term basis because India cherishes democracy, respects diversity, practices tolerance and promotes spiritual and family values."

"In view of the growing bonhomie, I expect a steep rise in tourist flow between the two countries. I expect 50,000 Koreans to visit India this year as against a mere 2,000 last year," he added.

(Asia Pulse/PTI)

 

 
 



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