Bengaluru, Aug 28 (KNN) Chief Minister of Karnataka Basavaraj Bommai has offered ready industrial land near Bagepalli Area just below the southern border of the Rayalaseema in Andhra Pradesh for establishment of factories by Korean companies.

The offer was made during the meeting of CM with Consulate General of the Republic of Korea in Chennai Young-Seup Kwon and Director General of Korea Trade Office, Bengaluru (KOTRA) Dong Kyu Kim recently.

The proposed parcel of land is a few kilometers from operations of KIA Motors India- a subsidiary of Kia Motors Korea. 

Mohan Suresh, Honorary Consul of Rawanda in Bangalore and Former President of Federation of Indian Micro and Small & Medium Enterprises (FISME), informed that Korean companies were contemplating big investments in India.

“Karnataka offers an excellent business environment and being the hub of IT, high Technology companies, global R&D centers, houses the largest pool of talent”, he said. 

According to Mohan Suresh the Korean investments will help generate local employment in Karnataka.

FISME finds Korea as a preferred partner in the quest of their members to access technology and have been actively promoting Joint Ventures in MSME space.

There are already over 500 Korean SMEs operating in India.

FISME and the association of Korean SMEs in India – KOSMA, had signed an agreement of cooperation in 2019 and they continue to work together to bring SMEs of the two countries closer.