KIA has no plans to shift its manufacturing set-up to any other destination: KOTRA
Kia Motors has informed KOTRA India that it has been receiving relentless support from the state government.
NEW DELHI: Setting aside the rumors of KIA Motors planning to shift its USD 1 billion production facility from Andhra Pradesh to Chennai or elsewhere, South Korean Government’s apex trading arm Korea-Trade Investment Promotion Agency (KOTRA) has clarified that the company enjoyed full support from the state government, and hence it has absolutely no plans to shift its factory to any other destination.
“Andhra Pradesh has always been one of the most investor-friendly destinations in the country. We have been informed by Kia Motors India that Kia has been receiving relentless support from the state government and has absolutely no plans to shift its manufacturing set-up to any other destination,” said a statement issued by the KOTRA’s New Delhi office exclusively to Asian Community News (ACN) Network on Wednesday.
With this, KOTRA has been able to restore positive sentiments among the global investors from Korea as well as other countries, who are planning to make big-time investments in India.
The statement further said, “India and South Korea have excellent trade relations and have vowed to take the bilateral trade from existing USD 21 billion to USD 50 billion by 2030. Almost 100 new Korean companies are coming and investing in India every year as it happened in the year 2019-20. With many more Korean companies planning to invest in India, we are committed to strengthening our ties even further.”
India is home to about 700 Korean companies and following changing geo-political equations at the global level, more and more Korean companies are planning to shift to India and make huge investments.
According to market reports, more Korean companies want to enhance export and import with India, and many small and medium sector factories, as well as start-ups, are shifting to Noida, Chennai, Andhra Pradesh, and Karnataka.
It means there will be more investment from Korea to India as well as more export s and imports between the two nations in time to come.
Also read: India next destination for South Korean companies: KOTRA
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