New Delhi : The post liberalisation era in India saw the arrival of three Korean companies – Hyundai, Samsung and LG, which transformed the face of the automobile, consumer electronics and high end electronics market in India. The rapidly expanding digital profile of India, backed by the Prime Minister’s vision of Digital India, Start-up India, Skill India is aimed to transform the country into a knowledge economy and a digital powerhouse. This provides enormous opportunities for Korean companies to invest in the Indian market, and in Make in India for not only India but for the neighbouring markets of Middle East and ASEAN as well.” said Mr. Ravi Shankar Prasad, Minister for Electronics, and Information Technology, Government of India in his address at the India – Korea Business Summit held recently at New Delhi. The Summit was organised by the Confederation of Indian Industry (CII) and Chosun Ilbo in cooperation with the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Government of India.
“I urge the Korean companies to expand their manufacturing in defence electronics, medical electronics, and lithium batteries designed for running electronic vehicles,” he added. The flourishing e-commerce sector is yet another promising sector which opens window of opportunities in the areas of digital payments, cyber security, and newer technologies like Artificial Intelligence, Robotics and Internet of Things, the Minister added.
Mr. Sanjay K Rakesh, Joint Secretary, MeitY, Government of India mentioned that the government is keen to work with Korean companies in the field of ESDM. The government is also in the process of revising the electronics policy formed in 2012 and simplifying the Ease of Doing Business norms further.
Mr. Nitin Khade, Secretary, Information Technology, Government of ASSAM mentioned that Assam intends to be a prominent place in the digital map of India. The state, with its strategic location, availability of Human Resources, EMC and IT Parks, low manpower costs, 33% of India’s water reserves and friendly business environment, is a promising place for investors.
Mr. Srinivasa Rao Dhurvasula, Vice President, Andhra Pradesh Electronics and IT Agency, Government of Andhra Pradesh mentioned that Andhra Pradesh is the sunrise state and is one of the most investor friendly state for Electronics and IT.
Mr. Ranjivjit Singh, Chief Marketing Officer, Samsung Electronics explained that Samsung’s motto is not just to Make in India but Make for India. The company has been customising products which are inspired by the Indian Consumer’s tastes and needs.
Mr. Amit Gujral, Chief Marketing Officer, LG India stated that India is the epicentre of consumer demands and the growth is driven by a consistent GDP growth. The company, through innovative technology strives to make life good for consumers.
Mr. Pankaj Gulati, Chairman, Electronics Industries Association of India stated the opportunities in India’s ESDM sector and the opportunities that exist for Korea.
Mr. Rajive Kaul, Past President CII and Chairman, NICCO Engineering Services Ltd. mentioned that India and Korea can draw upon each other’s strengths and leverage the immense opportunities that exist.
Mr Yun Boo Keun, Vice Chairman, Samsung Electronics and Mr Byun Dae Gyun, Chairman, NAVER were also present, among other dignitaries.
