Deputy Consul General of Republic of Korea in Chennai, Hong-yup Lee, will be visiting Bengaluru to explore and enhance trade and investments with Karnataka from November 24 to 27.
According to a release, during his stay in the city, Mr. Lee will be meeting senior officials of the State government, the police, Customs and Immigration, and representatives of the Korean community and Korean businesses.
Given the interest of Korean companies in multiple industry sectors, the Korean government wishes to be the facilitator for the smooth investment operations between Karnataka and Korean companies, said the press release.
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Mr. Lee said, “Before COVID-19, some Korean companies and regional governments showed their interest in investing in Bengaluru. Now is the time for the consulate and the Karnataka government to start a joint campaign to resuscitate Koreans’ interest here.”
Currently there are around 40 Korean companies, with more than 1,000 Korean nationals, in Karnataka.
The consulate hopes to expand and largely enhance Korean presence and business operations in and around Bengaluru, so that it meets the level of Chennai within three years.
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Sponsors’ interest
An investment of $300 million in Ola by Hyundai and Kia last year and a more recent likely investment of $40 million in Zomato are few evidence of Korean sponsors’ interest and willingness to invest in Bengaluru, the release stated.