IGI Logo

Strengthening of relations between Republic of Korea, which is a global powerhouse in electronics and automobiles sector, and Karnataka, a frontline state in technology, would give a boost to bilateral economy, Chief Minister Basavaraj Bommai said on Thursday.

The Chief Minister held a bilateral discussion with a delegation of the Republic of Korea, led by its Ambassador to India Chang Jae-bok.

Noting that Karnataka has had close ties with Korea for many decades, Bommai commended Korea for manufacturing excellent products with state of the art technology. "India and Karnataka state are emerging as major economies with skilled human resources. India is a hot favourite as an investment destination. Karnataka is in the forefront among the states attracting about 38 per cent of the total FDI flowing into the country," Bommai said.

Karnataka is home to highest number of international R & D centres in the world, it is the global hub of technology based industries. Against this backdrop, it would be of great mutual advantage economically if Korea and Karnataka joined hands, Bommai pitched to the South Korean delegation.

The Chief Minister invited the Korean delegation to participate in a big way in the Bengaluru Tech Summit and Karnataka Global Investors Meet to be held in November.

Speaking earlier the South Korean Ambassador Chang Jae-bok said, Korea is keen to further strengthen its economic relations with Karnataka. "Many startups are eager to invest in Karnataka. Already over 40 Korean companies have a presence here. The Korean Consular office has organised a programme 'Korea on the move' in Bengaluru which is drawing huge response from the people. A programme organised on economic cooperation too has been a big success." he stated.

Karnataka's Large and Medium Industries minister Murugesh Nirani, Additional Chief Secretary in the department of Industries E.V. Ramana Reddy and other senior officials were also present.