India will consider South Korea’s suggestion of upgrading the bilateral India-Korea Comprehensive Economic Partnership Agreement (CEPA) to reinforce the productive engagement between the two countries, Rajesh Kumar Singh, Secretary, Department of Industry, and Internal Trade (DPIIT) said at a business partnership forum on Tuesday.
Singh also urged Korean companies to invest in India’s semiconductor and renewable energy sectors to help accelerate digital and green transition, per a statement issued by CII. The India-Korea Business Partnership Forum was organised by the CII in partnership with Korea International Trade Association (KITA).
India is trying to create a transition to a much stronger manufacturing base through schemes such as PLI under which over $ 26 billion is being provided as incentive in 14 sectors, Singh said. Incentives of over $ 10 billion are on offer to attract global semi-conductor manufacturers to India, he added.
The Secretary acknowledged that many Korean companies have their largest R&D centers in India and have emerged as leaders in the domestic markets. These companies also leveraged the infrastructure provided to make for the world, he added.
Korean Deputy Minister of Trade Byung Nae Yang said India was an important economic cooperation partner of Korea. He said the two countries can create synergy and be optimal cooperation partners in areas such as EVs, batteries, digital / biotechnology, and clean energy by actively responding to changes in the global market.