India to set up ‘Korea enclave’: What it means for jobs and investments

Union Minister of Commerce and Industry Piyush Goyal while addressing a session at the India-Korea Business Forum that India will set up a Korea enclave to invite more investments as well as companies into the Indian market.

“I am also happy to report to you that Prime Minister Modi and President Lee have today discussed setting up a large industrial township – a Korea enclave in India with plug-and-play infrastructure to encourage greater investments and invite more Korean companies to come an leverage the large India demand as well as the open doors of preferential access that India today enjoys in almost two-thirds of global trade or two-third of the global GDP given the nine free trade agreements that we have finalised in the last three and a half years,” said Goyal.

South Korean President Lee Jae Myung arrived in New Delhi on Sunday on a three-day visit.

INDIA-KOREA ECONOMIC ROADMAP

India and South Korea pledged to nearly double their annual trade to $50 billion by 2030 and committed to upgrading the comprehensive economic partnership pact within the next year. During talks between PM Modi and South Korean President Lee, both nations highlighted their message of peace and stability amid current global tensions.

DON'T MISS | 'K-Pop, K-Dramas popular in India': PM Modi notes Korea craze in India, have you watched yet?

The discussions resulted in the signing of 15 agreements, including the establishment of an industrial cooperation framework and a steel supply chain agreement. The two sides also agreed to boost cooperation in sectors such as energy, defence, critical minerals, shipbuilding, and semiconductors, unveiling a joint strategic vision for their special strategic partnership.

Additionally, a comprehensive framework for partnership in shipbuilding, shipping, and maritime logistics was released, alongside a joint statement on energy security. A joint declaration was signed to resume negotiations on upgrading the Comprehensive Economic Partnership Agreement, originally effective since 2010.

MUST READ | 'Make Korea buy more from India': Mohandas Pai urges Centre as both sides set $50 billion trade target

New Delhi and Seoul launched an 'Economic Security Dialogue' and a foreign ministerial framework to deliberate on climate change, the Arctic, and maritime cooperation. Modi and Lee also discussed the West Asia crisis and its implications. Both sides vowed to strengthen efforts towards a peaceful, stable, and inclusive Indo-Pacific region amidst increasing Chinese assertion.

The India-Korea Financial Forum to facilitate financial flows has also been launched, and an Industrial Cooperation Committee has been established to strengthen business cooperation.

Prime Minister Modi remarked, "In this period of global tensions, India and Korea together convey a message of peace and stability...Through our shared efforts, we will continue to contribute to a peaceful, progressive, and inclusive Indo-Pacific."