Discussion on India Plans by South Korean Conglomerates

Key leaders from major South Korean conglomerates, including Samsung Electronics, LG Group, and Hyundai Motor, met with India's Prime Minister Narendra Modi and senior officials to discuss expansion plans and increase exports from India.

Key Developments and Intentions

• Conglomerates signaled fresh investments in India with a focus on stepping up exports.
• SK Hynix is considering setting up a memory chip assembly and testing facility.
• LG may explore new areas like chemicals and display modules.
• Samsung is contemplating expanding its export operations from India.
• Hyundai plans to develop electric urban mobility solutions tailored for India, in collaboration with a local partner.

Strategic Importance

India is identified as a crucial market for these Korean conglomerates, with the Global South seen as a key driver for future global growth. The visit was part of South Korean President Lee Jae Myung’s official delegation, which includes 200 business executives from various enterprises.

Bilateral Ties and Investment Encouragement

Prime Minister Modi highlighted the robust trade relations between India and South Korea, urging expanded investments in emerging sectors like artificial intelligence and semiconductors. The government encouraged exploration of new business segments, leveraging the conglomerates' diversified global operations.

Historical Context and Future Commitment

South Korean chaebols like LG, Samsung, and Hyundai were among the first global manufacturers to establish production bases in India, achieving significant success. LG Corp emphasized its commitment to deepening its presence in India through innovation and partnerships.

Additional Notes

• LG Corp is led by Koo Kwang-mo and has a significant presence in sectors like chemicals, electric vehicle batteries, and display modules.
• Emails to Samsung and SK Hynix remained unanswered regarding further details of their India plans.
• A selfie of Samsung Electronics' executive chairman Lee Jae-yong with the Indian PM and South Korean President was shared on social media, indicating cordial relations.