New Delhi, Nov 8 (KNN) The Indian government has agreed to consider South Korea’s proposal of upgrading the bilateral India-Korea Comprehensive Economic Partnership Agreement (CEPA) to reinforce the productive engagement between the two countries, Rajesh Kumar Singh, Secretary, Department of Industry, and Internal Trade (DPIIT) said at an event on Tuesday.

Speaking at a business partnership forum, he also urged Korean companies to invest in India’s semiconductor and renewable energy sectors to help accelerate digital and green transition, per a statement issued by CII.

The India-Korea Business Partnership Forum was organised by the CII in partnership with Korea International Trade Association (KITA).

Highlighting India’s effort to create a transition to a much stronger manufacturing base, he emphasised on schemes such as PLI under which over USD 26 billion is being provided as incentive in 14 sectors.

Incentives of over USD 10 billion are on offer to attract global semi-conductor manufacturers to India, he added.

The Secretary acknowledged that many Korean companies have their largest R&D centers in India and have emerged as leaders in the domestic markets. These companies also leveraged the infrastructure provided to make for the world, he added.

Korean Deputy Minister of Trade Byung Nae Yang said India was an important economic cooperation partner of Korea. He said the two countries can create synergy and be optimal cooperation partners in areas such as EVs, batteries, digital / biotechnology, and clean energy by actively responding to changes in the global market.

(KNN Bureau)