South Korea

The ties of trade and investment between India and Republic of Korea have grown tremendously! India is now a hub for foreign direct investment from Korea, with various large organizations investing here. Both the nations have also created favorable business and investment opportunities for the investors through agreements and treaties.

In January 2020 about $16 billion worth of trade was recorded between India and South Korea. . Korea’s total FDI to India up to September 2020 stands at $6.94 billion. The past decade saw a fast paced growth of trade and investment. Korea has contributed keenly in the service sector and has always been interested in hiring skilled human sources from India.

Sectors that attracted maximum FDI equity inflows from South Korea

Major Korean conglomerates invest in India. They have subsidiaries set up in India and full scale operations take place in different Indian cities. Hyundai is the highest investing Korean company in India with an automobile plant set up in Chennai that can produce over 600 million vehicles per year.

With regard to SMEs, lesser companies used to move forward for investment. However with introduction of new schemes and plans for SMEs many new Korean based SMEs are looking forward to invest in India.

Major Korean Companies Doing Business in India

India Korea Start-up Hub: The India – Korea Start up hub was launched under the Start-Up India program to bring all Indian and Korean start up systems together. It provides a detailed list of all Indian and Korean start-ups and all shared tax benefits that can be provided to these businesses. A centre under this program will be established in New Delhi which will aim to have discussions regarding investment and innovation. The goal of his program is to provide the start-up operating in both nations with a more favourable approach.

Benefits under India Korea Start-up Hub

The Double Taxation Agreement signed between India and South Korea was revised during 2015. It aims to provide tax benefits for residents of India and South Korea and facilitate mutual economic cooperation.

Focus areas of DTA between India and South Korea

 

The past two decades have seen a change in the pattern of export and import. Korean exports and imports which were limited to primary goods are now centered on industrial products and high tech knowledge based products.

There are two major Indian banks operating all over South Korea.

 

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