BUSINESS

Indian minister listens to difficulties facing Korean businesses on the subcontinent

By Yonhap
  • Published : Sept 21, 2017 - 17:56
  • Updated : Sept 21, 2017 - 17:56
India's commerce minister met with South Korean company leaders Thursday to listen to the difficulties they experience while doing business in the rapidly growing Indian market, an industry group said.

At the meeting -- which is being held separately from the seventh ASEM Economic Ministers' Meeting that runs for three days through Saturday in Seoul -- Commerce and Industry Minister Suresh Prabhu met Korean business leaders from Samsung Electronics Co., Kia Motors Corp. and POSCO.
 
In this photo taken on Sept. 21, 2017, India`s Commerce and Industry Minister Suresh Prabhu (2nd from right) delivers a keynote speech at a meeting with South Korean business leaders in southern Seoul. (Photo courtesy of the FKI) (Yonhap)

The businessmen called on the Indian policymaker to integrate multiple regulations for foreign companies and iron out differences between the central and regional governments over taxes and governance, the Federation of Korean Industries said in a statement.

The ASEM meeting is being hosted by South Korea's Ministry of Trade, Industry and Energy.

South Korean companies have increased their investments in India, which has a population of 1.3 billion and posts an average growth of 7 percent annually, but they have struggled with regulations and a generally unfavorable business environment.

Investments in India reached an accumulated $4.02 billion at the end of 2015, according to the Export-Import Bank of Korea. (Yonhap)