Korea, India to Foster Startups with US1.4 Bil. Fund
Indian Prime Minister Narendra Modi, who is staying in South Korea, is scheduled to meet with the South Korean entrepreneurs including Samsung Electronics vice chairman Lee Jae-yong and Hyundai Motor Group vice chairman Chung Eui-sun on Feb. 22.
The prime minister visited South Korea and attended the Korea-India Business Symposium hosted by the Korea Chamber of Commerce and Industry on Feb. 21. “The automobile market of India, where e-mobility such as electric vehicles is becoming increasingly important, will be a great opportunity for South Korean automakers, which are leading the growth of the global electric vehicle market,” the prime minister said at the conference, adding, “The South Korean and Indian governments will promote the growth of startups together with a US$1.4 billion joint fund.” In this regard, the two governments launched the Startup Hub website for a faster growth of startups and venture firms in the two countries. The launching of the website is a follow-up of the two governments’ MOU for more exchange between such firms, which was signed during South Korean President Moon Jae-in’s state visit to India in July 2018.
The prime minister is scheduled to leave South Korea on Feb. 22 after the meeting with South Korean entrepreneurs at the Blue House in Seoul. Earlier, in September 2016, the vice chairman of Samsung Electronics visited India and had a meeting with the prime minister. After the meeting, Samsung Electronics expanded its mobile phone manufacturing facilities in Noida by investing US$650 million. The prime minister and the vice chairman met with each other seven months ago, too.
Hyundai Motor Group president Kong Young-woon, who is the head of the two countries’ economic cooperation council, delivered the opening address for the symposium. At present, Hyundai Motor Co. is the second-largest automobile supplier in India with a market share of 16 percent. The company is planning to invest US$1 billion in the Indian car market until 2020. Kia Motors’ manufacturing facilities in India will be put into operation in the near future.