India seeks Korean investments to boost manufacturing

NEW DELHI: The government today invited Korean firms to set up manufacturing and R&D base in India, a move that will give boost to the Centre's 'Make In India' campaign.

"The future for Korean companies is not in Korea. It is in India both for manufacturing for the domestic market and for exports," Department of Industrial Policy & Promotion, (DIPP) Secretary Amitabh Kant said here at a function.

Kant said that it is time for Hyundai Motor to set up a second plant in India.

"If you (Hyundai) don't set up your second plant now, you will regret it later," he said. At present the Korean auto major has a facility in Chennai.

He said, Korean firms would do well in India now as the country would grow at a faster pace in the coming 3-4 years.

India is focusing on manufacturing, digital technologies and skill development, Kant said.

"India would like to see small and medium Korean companies to set up manufacturing base here and we can create 'plug and play' facilities for them," Ficci said quoting Kant, who was addressing a Ficci function on - 'Make in India: Contribution of Korean Companies'.