India, South Korea launch Korea Plus platform to promote investments
India and South Korea have launched a platform ‘Korea Plus’ to promote and facilitate Korean Investments in India.
It was launched by the Union Commerce and Industry Minister Nirmala Sitharaman and her South Korean counterpart Joo Hyunghwan in New Delhi.
Key Facts
- The mandate of Korea Plus platform covers the entire investment spectrum including supporting Korean enterprises entering the Indian market for the first time.
- It will be also looking into issues faced by Korean companies doing business in India and policy advocacy to the Indian Government on their behalf.
- It shall comprise a representative each from the South Korean Ministry of Industry, Trade and Energy (MoITE) and Korea Trade Investment and Promotion Agency (KOTRA). Besides, it also includes three officials from Invest India.
Background
A Memorandum of Understanding (MoU) for establishing Korea Plus was signed between two countries in January 2016. The MoU was an outcome of the official state visit of Indian Prime Minister Narendra Modi to South Korea in May 2015.
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Month: Current Affairs - June, 2016