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Indo-Korea Collaboration to Ensure Infrastructure Growth

Wednesday, October 23rd, 2013

Though Korea and India have more differences than simi­larities, there is something that always keeps these two major countries of Asia close to each other. Since ancient times they have shared a special relationship with each other, and perhaps that is why in spite of the cultural, geographical and social differences, they have never crossed each other’s path in the process of development. Instead of creat­ing antagonistic hassle as two very differ­ent cultures, India and Korea always try to help each other in every possible way. Even nowadays the mutual admiration and col­laboration can be seen in different aspects like infrastructure development.
Being two of the most developed coun­tries of Asia, India and Korea both realize that cooperation is always better than creat­ing hazards in each other’s journey. In this present state of the world economy it is not possible for any single country to take the overall responsibility for its own growth. This can be done only through mutual col­laboration, which is not only wise, but prac­tical as well.
This is the reason why in recent past and in modern time as well these two countries have mutually taken part in several types of collaborations when it comes to ensuring the infrastructural growth of the other. This can be more readily understood with the help of some figures and facts.
A recent study shows that in terms of the real inflow of FDI in India, South Ko­rea is the fourth largest investor. Korean investments have played a very vital role in various Indian industries, including en­ergy, electrical gears (including electron­ics and computer software), household and office equipment, the transportation industry, commercial, chemicals (exclud­ing fertilizer), metallurgical industries and food processing industries. Some of the major companies who are actively helping the augmentation of the growth of Indian economy are LG, Doosan Heavy Industries, Samsung Electronics, Hyundai Motor and Lotte Group.
In the field of IT, the cooperation of South Korea can be seen widely in different Indian states. There are lots of Korean IT firms that are opening their branches here in India with the cooperation of Indian IT authorities.
On the other hand, some big Indian com­panies are also setting up their businesses in Korea and helping the country to flourish in a better manner in the ambiance of mu­tual admiration and understanding, which is very important for the growth of any na­tion, especially for a budding economy like India.
Not only in IT but also in other business industries, the collaboration of these two countries is highly notable. Sectors like communications, shipping and port devel­opment, hospitality and tourism industries, infrastructure development, food-agro in­dustries and the auto industries are being chosen for joint ventures and technology transfer.

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