Yoon to Indian Market Entrants: "Support to Utilize Strategic Opportunities"

Discussion on Challenges in Customs, Regulations, and Infrastructure
Attendance by Manufacturing and Service Companies in Automotive and Electronics Sectors

President Yoon Suk-yeol, during his visit to India on the 10th to attend the G20 Summit, met with Korean business leaders and stated, "We will actively support resolving difficulties so that our companies can fully capitalize on the strategic opportunities in the Indian market."

On the same day, President Yoon held a luncheon meeting with 12 local business executives at a hotel in New Delhi, India, and made these remarks.

India, celebrating the 50th anniversary of diplomatic relations with Korea this year, is the world's most populous country with over 1.4 billion people and one of the most dynamically growing nations globally. To seize the opportunities in the vast and potential-rich Indian market, about 530 Korean companies have entered the market.

[Image source=Yonhap News]

President Yoon and the business leaders shared insights on the Indian market conditions and entry strategies, while also discussing challenges faced locally such as customs clearance, administrative regulations, and infrastructure.

The difficulties reported by the companies on that day can be categorized into three main issues. The business leaders complained about arbitrary classification of import items and excessive demands for proof related to the origin during the import customs clearance process. They also expressed hardships due to uncertainties caused by various import restriction measures and delays in the provision of investment incentives under administrative regulations. Furthermore, they raised concerns that shortages in infrastructure such as roads, sewage systems, and power grids are causing management risks.

The luncheon meeting was attended by manufacturing companies from diverse sectors including automobiles, electronics, machinery, textiles, medical devices, food, and cosmetics, as well as service companies in logistics, IT software, and mobile games.

The Presidential Office stated, "Since 2016, the government has established Korea Plus, a dedicated organization for Korean companies within Invest India, India's foreign investment promotion agency, to provide various administrative conveniences to Korean companies entering India." It added, "We will significantly strengthen the functions of Korea Plus and establish a triangular cooperation system among the headquarters, diplomatic missions, and Korea Plus to systematically resolve the difficulties faced by our companies."

Meanwhile, the business executives attending the luncheon included Kim Eon-su, Vice President of Hyundai Motor Company (Head of India, Africa, and Middle East Region); Park Jong-beom, Head of Samsung Electronics South Asia (Vice President); Lee Hyun-jin, Head of LG Electronics Noida Manufacturing Corporation; Lee Si-yeon, Head of Hyosung India Corporation; Jo Jang-hyun, Head of IrenTech India Corporation; Yoon Han-ho, Head of Cass India Corporation; Jo Kyung-woon, Chairman of the Board of Lotte India (Managing Director); Lee Jong-sang, Head of Amorepacific India Corporation; Kim Seong-ho, Head of SD Biosensor India Corporation; Son Hyun-il, Head of Krafton India Corporation; Baek Jeong-hoon, Head of CJ Dasul India Corporation; and Kim Bo-yeon, CEO of Geonsolution India.

This content was produced with the assistance of AI translation services.