Chennai

‘Korean firms keen on investing in Tamil Nadu’

Consul General Hyung Tae Kim says State is investor-friendly

Small and medium industries from Korea are exploring possibilities of setting up operations in Tamil Nadu, said, Hyung Tae Kim, Consul General of Republic of Korea in Chennai.

“The overall atmosphere for companies is very stable in Tamil Nadu and the State has investor-friendly policies,” he told The Hindu on the side lines of a seminar on corporate taxes in India organised by the Consulate General of the Republic of Korea in Chennai in collaboration with Guidance, Tamil Nadu.

“We are inviting other Korean companies to invest in India, especially in the IT sector,” he said.

The Consul General also said that Korean companies in China are finding a new destination in Vietnam. “They are increasing investments in Vietnam. After Vietnam, India is the next potential market for them in future,” he said.

Hong Yup Lee, Deputy Consul General, Consulate General of the Republic of Korea, said, “Any new Korean firm who is looking at investing in Tamil Nadu can take guidance from the existing firms here. We have organised this seminar so that Korean firms here get a better understanding on the corporate taxes.”

He added that to encourage more Korean companies to invest in the State, the Guidance bureau in Tamil Nadu has designated one official for all enquiries and issues pertaining to Korean investments.

On behalf of the Tamil Nadu Guidance Bureau, its Manager Paul Arun Kumar made a presentation in which he explained BizBuddy, an online industry helpdesk recently launched by Chief Minister Edappadi K. Palaniswami. The seminar covered corporate taxes of India revised in October and changes to regulations effective from 2020, corporate legal disputes and counterplan, corporate planning on corporate social responsibilities and social contributions to the community of Tamil Nadu.

More jobs

Since the incorporation of Hyundai Motor India Limited in 1995, more than 150 South Korean companies invested in Tamil Nadu. Hyundai and its vendors generated counts to 1,00,000 direct employment, with the total investment of $ 6 billion.

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Printable version | Apr 4, 2020 12:01:10 PM | https://www.thehindu.com/news/cities/chennai/korean-firms-keen-on-investing-in-tamil-nadu/article30352745.ece

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