The Covid-19 pandemic has showcased India as the next investment destination, Shin Bongkil, who served as Ambassador of Korea in India until July 1 said, just before leaving.
However, Shin also said that at a time when many global companies across the world are looking to invest in India, the country must upgrade the essential infrastructures and be better prepared in the future to avoid any disruptions caused by any crisis. There are about 750 Korean companies operating in India. But the number is about 7000 in Vietnam.
“The global pandemic has exposed the risk of overdependence on global supply chains being concentrated in one country. Consequently, there are increasing calls for diversifying supply chains to be better prepared to tackle future disruptions caused by any global crisis. Global companies, including Korean companies, are looking at India as an alternative manufacturing destination,” Shin said at a Korean investors’ meet at Haryana Chief Minister Manohar Lal Khattar’s residence in Chandigarh. The meeting was organised by Asian Community News (ACN).
Jang Jae-bok, who will replace Shin, is slated to take charge by the middle of this month.
“I am aware, under the dynamic leadership of Prime Minister Narendra Modi, India has consistently improved its position in the Ease of Doing Business Index. Still, India needs to do much more on both ease of doing business and ease of living fronts,” ACN quoted Shin as saying.
Shin also underlined the need to create a conducive business environment for the investors while improving living conditions for the Koreans to live comfortably with their families in India.
In 2018, Korea’s investment to India crossed the $1 billion mark for the first time, touching $1.053 billion.
Foreign direct investment (FDI) from South Korea into India up to September 2020 stood at $6.94 billion.