At 17,000 plus and counting, Koreans emerge as biggest biz expats community in India

NEW DELHI. The Korean expatriate community in India has reached a significant milestone, surpassing 17,000 individuals, making it the largest foreign business community in the country. This surge in the number of Korean expats can be attributed closely to the growing bilateral trade between India and Korea, which recently hit a record high of USD 27.8 billion. Furthermore, the number of Korean companies operating in India has now reached 827, solidifying the country’s appeal as a lucrative business destination. The second largest business expat community in India is Japanese and its number here has remained stagnant at around 9,500 for the past 4-5 years.

According to an estimate made on the current trend, the number of Korean nationals in India is likely to touch the 20,000 mark soon. The number of Korean expats working and staying in India just before Covid-19 pandemic hit the world in 2020 was little under 15,000.

The exponential growth of the Korean expat community in India remains fueled by the increasing presence of Korean businesses and investments in the country. The influx of large Korean conglomerates like Samsung that has set up its world’s biggest factory in NOIDA, has brought in hundreds of OEM suppliers from Korea. The Indian government’s efforts to create a favorable business environment and attract foreign investment have yielded fruitful results. With a robust economy and a vast consumer market, India has become an attractive destination for Korean companies across multiple sectors.

The influx of Korean companies into India didn’t stop even during the Covid-19 pandemic and about 66 companies from Korean entered India during the year 2020-21 when the entire world remained affected due to Corona virus onslaught, and business activities were suspended. Most of these companies were OEM suppliers to SAMSUNG, and set up their facilities in NOIDA.

Both India and Korea have expressed their commitment to further strengthen their bilateral trade relationship by setting a target to increase trade volume to USD 50 billion by the year 2030. This ambitious goal reflects the shared vision of the two nations to expand economic cooperation and explore new avenues of collaboration. The commitment to doubling the trade volume demonstrates the confidence and optimism that both India and Korea have in each other’s markets. It also highlights the immense potential for deeper engagement and the opportunities that lie ahead for businesses and investors from both countries. By working together and fostering a conducive business environment, India and Korea aim to create a win-win situation that will benefit their respective economies and pave the way for a prosperous future.

The surge in the number of Korean expatriates also reflects the deepening economic ties between India and Korea. The bilateral trade volume reaching USD 27.8 billion marks a significant milestone in the relationship between the two nations. This achievement underscores the mutually beneficial nature of the trade partnership and highlights the growing demand for Indian goods and services in Korea.

The presence of 827 Korean companies in India showcases the increasing confidence and trust that Korean businesses have placed in the Indian market, and ever scaling ease of doing business regime. These companies have made substantial investments in various sectors, including automotive, electronics, information technology, and manufacturing. By establishing their operations in India, Korean companies not only gain access to a vast consumer base but also benefit from the country’s skilled workforce and competitive business ecosystem.

Korean companies such as Hyundai, KIA, LG, Samsung, POSCO, and others have made significant inroads into India’s business landscape, leaving an indelible mark through their technological advancements, manufacturing excellence, and customer-centric approaches. With their emphasis on research and development, local partnerships, and understanding of Indian consumers, these companies have successfully navigated the Indian market, earning the trust and loyalty of millions. The creative collaborations between South Korea and India have not only driven economic growth but also fostered cultural exchange, strengthening the bonds between the two nations. As these alliances continue to flourish, the future holds immense promise for further innovation, mutual prosperity, and shared success.

The relationship between South Korea and India has flourished over the years, fostering a strong partnership in various sectors. Korean companies have made significant contributions to India’s economic growth, bringing their expertise, innovation, and cutting-edge technology to the Indian market. In this creative piece, we explore the impact of Korean companies in India, highlighting their transformative initiatives and the fruitful collaborations that have shaped both nations’ business landscapes.

The growing Korean expat community plays a crucial role in facilitating business collaborations and fostering cultural exchange between India and Korea. They serve as ambassadors, bridging the gap between the two nations and promoting greater understanding and cooperation. The cultural diversity brought by the Korean expats enriches the local community and promotes cross-cultural learning.

Recognizing the importance of the Korean expat community, various initiatives have been implemented to support their integration into Indian society. Korean cultural centers, language institutes, and community organizations have emerged to provide a sense of belonging and create a supportive environment for the expatriate population. These efforts contribute to strengthening the bonds between the two nations and promoting cultural understanding.

The growing number of Korean expats and the remarkable expansion of bilateral trade between India and Korea signify the robustness of the relationship. As Korean companies continue to invest and expand their presence in India, the economic ties between the two countries are expected to strengthen further. The Indian government remains committed to creating a conducive environment for foreign businesses and facilitating their growth and success.

The Korean expat community’s achievement of becoming the largest in India is not only a testament to the thriving economic partnership but also a testament to the enduring cultural ties and shared values between the two nations. It represents a milestone in the journey towards deeper collaboration and friendship between India and Korea.

With the continued growth of the Korean expat community, the relationship between India and Korea is poised to reach new heights, fostering greater economic cooperation, cultural exchange, and mutual prosperity.