Improved biz environment, policy predictability, CEPA upgradation key to enhance Korean investment in India: Korean Envoy
New Delhi: Korea has urged India to enhance the business environment in India, ensure policy predictability, transparency, and consistency as well as early upgradation of the Korea-India Comprehensive Economic Partnership Agreement (CEPA) to attract investment from Korean enterprises. Korea has called upon Indian companies to explore opportunities in Korea, citing the growing affinity between the two nations and the burgeoning interest of Korean investors in the Indian market.
In a compelling address at the Confederation of Indian Industry (CII) Delhi State Annual Session and Business Conference on the 4th of March, Chang Jae-bok, the Korean Ambassador to India, highlighted the promising developments between the two nations while also acknowledging areas for further collaboration.
Chang Jae-bok, the esteemed Korean Ambassador to India, emphasized the need for intensified cooperation between the two nations to capitalize on burgeoning opportunities. Ambassador Chang’s remarks resonated with influential business leaders present at the event as he outlined key areas where collaboration could further strengthen bilateral economic ties.
Addressing the audience, Ambassador Chang acknowledged the strides made in bilateral relations between Korea and India, noting several inspiring developments. However, he also stressed that there is ample room for further exploration and collaboration. “Allow me to highlight a few points where I seek your support as the influential business leaders of India,” he urged.
Firstly, Ambassador Chang called for joint efforts to improve the business environment in India. Drawing from his insights, he remarked that while India’s business landscape offers promising opportunities, it also presents considerable challenges. He clarified that such challenges do not signify discrimination against foreign companies, as Indian enterprises face similar, if not more significant hurdles. To address this, he proposed enhancing policy predictability, transparency, and consistency, which would not only make India a more attractive investment destination but also benefit both Korean and Indian enterprises.
Secondly, Ambassador Chang urged the Indian business community, spearheaded by the CII, to contribute actively to the conclusion of negotiations for the upgradation of the Korea-India Comprehensive Economic Partnership Agreement (CEPA). He highlighted the mutual benefits that Free Trade Agreements entail for industries in both countries and expressed optimism about finding a compromise despite persistent challenges. Ambassador Chang emphasized that achieving a mutually beneficial outcome requires strong political will from both sides.
Lastly, Ambassador Chang encouraged Indian companies to explore opportunities in Korea, citing the mutual admiration for each other’s cultures and the increasing popularity of Korean culture in India. He pointed out the rising interest of Korean investors in India’s flourishing stock market and urged Indian entrepreneurs to consider Korea as a promising trade and investment destination.
In conclusion, Ambassador Chang’s address underscored the importance of fostering greater collaboration between Korea and India’s business communities. His insightful remarks resonated with attendees, igniting a sense of enthusiasm and commitment to exploring new avenues for economic cooperation between the two nations.
