The minister met Choo Kyung-ho, Deputy PM & Minister of Economy and Finance, South Korea, on the sidelines of 56th ADB Annual Meeting here, and also invited Korea Investment Corporation (KIC) and other investors to take forward investment in India’s infrastructure sector.
During the meeting, Sitharaman also highlighted India’s enabling policy framework for e-vehicles and green hydrogen sectors for further attracting investment in India with the engagement of the Korean government.
“FM Smt. @nsitharaman emphasised on greater opportunities in India for #investments in #manufacturing, #RenewableEnergy, #infrastructure, #pharmaceuticals, #FoodProcessing, including #marine resources, among other sectors,” a finance ministry tweet said.
Sitharaman further informed her Korean counterpart about investment opportunities for value addition in seafood sector in India and about the newly identified projects under the EDCF Framework (Economic Development Cooperation Fund) Agreement and expressed hope for their quicker implementation.
India is looking forward for more committed bilateral relations between the two nations and more ways to further deepen the investment cooperation, she said.
“Choo Kyung-ho said the two countries should continue to broaden cooperation and engagement and that he hoped that Korea will get the opportunity to participate in the investment avenues in India,” the finance ministry tweeted.
During the meeting, Sitharaman pointed out that the recently signed EDFC loan agreement for the “ITS establishment of Nagpur-Mumbai super communication expressway” project will open a gateway for other developmental projects in India.
“Referring to the Nagpur project, Mr. Choo Kyung-ho informed FM Smt. @nsitharaman that the Korean investment in the project currently stands at 215 billion won (approx. Rs. 1,495.68 crore),” the ministry tweet said.