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Subject Modi makes 'Make in India' pitch
Name   관리자 Hit 912






Hyundai Motor Group Chairman Chung Mong-koo, left, shakes hands with
Indian Prime Minister Narendra Modi during their meeting at a Seoul hotel, Tuesday, in this photo provided by Hyundai Motor. / Yonhap

By Choi Kyong-ae
 


Indian Prime Minister Narendra Modi met Korean business leaders in Seoul Tuesday as part of his "Make in India" pitch aimed at boosting his country's core industry sectors.

Since he took office last year, Modi began the campaign to attract investments into 25 key industry sectors such as automobiles, electronics, renewable energy, power generation and petrochemical businesses, the Korea Chamber of Commerce said.

On Tuesday morning, Modi met Hyundai Motor Group Chairman Chung Mong-koo to discuss ways to increase India's partnership in the automobile industry.

"This year, Hyundai Motor Group is targeting to produce and sell 640,000 vehicles, up 4 percent from a year earlier, from its two plants in Chennai," Chung said. "As a major contributor to India's exports, the Korean auto giant plans to export 170,000 of them to 110 countries." Hyundai Motor and Kia Motors are two key affiliates of the world's fifth-biggest carmaker by sales.

The chairman hoped Hyundai will play a bigger role in supporting India's economic growth by participating in the country's state-sponsored construction projects to build roads and railways.

Modi said the Indian government would help Hyundai strengthen its presence in the Indian auto industry. Hyundai aims to sell 465,000 autos this year in India, up 13 percent from a year before. A total of 2.5 million vehicles are sold each year in India, which has a population of 1.2 billion.

Later in the day, Modi visited the Ulsan-based shipyard of Hyundai Heavy Industries (HHI) to discuss possible business ties with the world's biggest shipbuilder by sales to produce high-end ships, such as liquefied natural gas carriers, in the long term. Ulsan is a port city about 400 kilometers southeast of Seoul.

Boosting the shipbuilding industry is part of the Make in India program in which India aims to increase the contribution ratio of manufacturers from the 25 sectors to its gross domestic product (GDP) growth to 25 percent by 2022, from 15 percent, the KCCI statement said.

"Modi looked around the Ulsan shipyard from around 5 p.m. and met Ulsan-based top executives to share their views on possible cooperation in building high-end ships in the long term," a HHI spokesman said. The move is in line with India's push to build value-added ships with technological support from Korean shipbuilders such as HHI, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering. If a deal is signed, Korean builders receive royalties from the Indian government in return for technology transfer to Indian shipbuilders, he said.

Meanwhile, more than 300 business leaders from the two countries launched the India-ROK CEO Forum on Tuesday to promote bilateral economic cooperation and business partnerships, according to the KCCI. India and Korea are Asia's third and fourth-biggest economies, respectively.

Korean corporate participants included Samsung Electronics, LG Electronics, Hyundai Motor Group, POSCO, HHI and the state-run Export-Import Bank of Korea. Their counterparts attended the forum from India.

To improve synergy from those bilateral ties, KCCI said small and medium companies in Korea needed to join hands to enter India to do business there because they lack in the fields of financing, technology and risk-management compared with big conglomerates.