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India, Korea eye $4 bn bilateral trade

New Delhi, Sept. 24: India and Korea hope to do bilateral trade worth $4 billion in this financial year, a jump of a little over 50 per cent from last year’s level of $2.6 billion.

“Bilateral trade in the first eight months of this calendar year has already touched $2.6 billion. We expect it to grow to $4 billion by year-end. However, we feel that the Indian government should build a conducive environment for Korean companies to do business here,” ambassador of the Republic of Korea Kwon Soon-Tae said at a seminar organised by the PHD Chamber of Commerce and Industry.

Sharing the Korean experience and citing examples of success of three chaebols — LG, Samsung and Hyundai Motors — he said, “These companies are performing successfully over several years and as a result have already expanded their bases and capacities of their Indian operations.” Tae said, Koreans have now begun to look at India as an alternative to China.

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