India is a promising market for Korean manufacturers especially in the areas of packaging, processing machinery, automobile, and electric and electronics, said the Korea International Trade Association (KITA).
Pulse News reported that despite rising demand, manufacturing technologies and logistics infrastructure remain poor in India, said the export promotion agency advising Korean companies to seek M&A opportunities to make headway into the burgeoning market.
India is highly reliant on foreign expertise in automotive, electric and electronics industries and offers opportunities in the areas where the Korean Inc. is strong.
KITA cautioned discretion in entries in the sectors of ICT, e-commerce, and smart city infrastructure, areas where U.S., Chinese, and other multinational and local names already dominate.
India envisions creating 100 smart cities by 2020, but the project has drawn little participation from Korean companies due to slack support from the government. KITA asked for more administrative incentives and aid to facilitate Korean companies’ inroads to India.
