South Korea Plans Significant Investments in India Soon: Envoy
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Synopsis
South Korea is set to significantly increase its investments in India, with Ambassador Lee Seong-ho noting that the country aims to double or triple its business activities in the coming years. Boditech Med Inc recently inaugurated a new manufacturing facility in Haryana, marking a pivotal moment in the medical devices sector.
Key Takeaways
- South Korea aims to double or triple investments in India.
- Boditech Med Inc opened a ₹50 crore facility in Haryana.
- The new plant is set to cater to both Indian and global markets.
- Targeting over 5% of India’s IVD market.
- Aligns with ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives.
New Delhi, April 4 (NationPress) South Korea is aiming to increase its investments and business endeavors in India by two to three times in the near future, as stated by the Ambassador of the Republic of Korea to India, Lee Seong-ho, on Friday.
During the opening ceremony of Boditech Med Inc’s new manufacturing facility located in Haryana’s Model Economic Township (MET City), the ambassador emphasized the rising interest of Korean firms in India’s growing industrial and healthcare landscape.
"I observe increasing indications of Korean firms desiring to broaden their operations here. We aspire to double or even triple Korean investments and commercial activities in India in the upcoming years," he remarked.
"The relationship between Korea and India is accelerating. Our government is devoted to advancing this relationship and ensuring its progress," he added.
This event marked a significant milestone in the medical devices industry as Boditech Med Inc, a leading player in Point-of-Care (POC) diagnostics, inaugurated its ₹50 crore facility in Haryana's Jhajjar, managed by its Indian subsidiary, Boditech Med India Private Limited.
Spanning 10,032 square meters, the new plant is designed to serve not just the Indian market but also to export products globally.
Once it becomes fully operational, Boditech aims to secure over 5% of India’s in vitro diagnostics (IVD) market and is targeting more than ₹650 crore in revenue from India alone.
According to MET City, the establishment of Boditech Med has increased the number of companies operating in the township to over 580 from 10 countries, including six from South Korea.
This development aligns with the ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives, which are focused on bolstering domestic manufacturing and decreasing import reliance.
Boditech Med’s Chairman and CEO, Eui Yul Choi, described India as a strategic hub for global manufacturing.
"India's favorable policy landscape and healthcare infrastructure render it an ideal location for our expansion. We are dedicated to enhancing India’s medical device sector," he stated.
