Modi’s Effort to Woo South Korean Businesses

make in indiaDuring the final leg of his three-nation visit, Modi addressed the India-Republic of Korea CEOs Forum along with the Asian Leadership Forum. Narendra Modi’s main motto was to outline his vision about an all-composing Asian century fuelled by India’s progression and to woo the South Korean businesses, in order to ‘Make In India’ in a much bigger and better way.

He visited the Hyundai Heavy Industries (HHI) shipyard that is listed amongst the biggest ship construction companies. Also, he held business talks with the leading South Korean CEOs, including POSCO (TridIndia client) chief Kim Jin-il, LG Electronics’ Kim Jin-hong and Hyundai Motor Co’s (TridIndia client) Chung Jinhaeng.

Further, Mr. Modi had a talk with the President ‘Park Geun-hye’ that fostered the two sides link with seven agreements. They are as follows:

  • Avoidance of Fiscal Evasion and Double Taxation
  • Cooperation for Audio-Visual Co-Production
  • MOU for mutual Cooperation between the National Security Council Secretariat of both the countries
  • MOU for Cooperation in the areas of New Energy Industries, electric power development, Trade and technology.
  • MOU (for Cooperation in Youth Matters) between the Sports of the Republic of India and Ministry of Youth Affairs and the Ministry of Family and Gender Equality of the Republic of Korea.
  • Agreement on Cooperation in the Field of Highways and Road Transport.
  • Mutual Cooperation in the Fields of Logistics and Maritime Transport.

india-koreaSeoul also proposed to provide $10 billion for projects on infrastructure in India that includes building smart cities and railways.

During his speech Modi said “Asia will succeed more when all of Asia rises together”. With this his message becomes clear that the prosperous countries/nations should be prepared to share their markets and resources with those who need them.

Moreover, Modi visions to build an inter-connected Asia that will facilitate Asia’s and India’s prosperity.

Getting completely impressed by Modi’s vision, the President Park, said “Modinomics and Korea’s 3.0 economic plans can combine to become central drivers for lifting the global economy”.

Opportunities to India

  • According to Modi, there is a strong potential for cooperation between Korea’s hardware industry and India’s software.
  • Korea’s steel-making capacity and India’s resources for iron ore can be put together for bringing more business and opportunities to India.
  • Modi adds that Korea’s ship-building capacity and India’s agenda of port led development could become a driver of India’s and entire Asia’s growth.
  • The president Park proposed to strengthen cooperation between Korea and India in creative economy, manufacturing and new energy industries.

The meetings with the President Park and various business leaders turned out to be very fruitful. This meeting is expected to bring-in more business to India and numerous industries, including the translation industry, as many documents would be required to get translated in multiple languages.

TridIndia has already associated with POSCO, Samsung and Hyundai on ‘n’ number of translation assignments related to chemical industry, mechanical industry, energy and so forth.

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