Evincing strong business sentiment in the newly formed government of Mr Chandrababu Naidu, South Korean companies are said to be actively pursuing investments into the state of Andhra Pradesh.

Similarly existing Korean companies are also looking at ramping up their investments in certain key sectors.

‘Korean companies are very much looking at strengthening their business ties with Andhra Pradesh under the visionary leadership of Mr N Chandrababu Naidu’ said Mr Chang-nyun Kim South Korean’s consul general in Chennai speaking exclusively to Vizag Industrial Scan.

Highlighting certain key sectors such as automobiles, electronics and chemicals, the consul general said that new investments will flow into these sectors from Korean companies into AP.

‘Kia already has a strong presence in AP employing close to 18000 people. You will shortly see them further enhance their investment at the Anantapur plant’ informed Mr Kim.

He simultaneously informed that LG electronics is in discussion with the state government for a major investment in the electronics space in Andhra Pradesh.

‘This will be a sizable investment by them’ said the CG. Another area of opportunity the Korean consul general stressed upon was Shipbuilding and port construction.

‘There have been high level talks between the Indian government and South Korea for exploring investments in India’s shipbuilding sector.

Andhra Pradesh can therefore take advantage of this and rope in Korean companies to set up a place here. Vizag /Vijayawada could well be a beneficiary of a Korean company wanting to invest in the shipbuilding space’ opined the consul general.

In fact just a few weeks back officials of the Export-Import Bank of Korea (KEXIM) had expressed interest in collaborating with the Government of Andhra Pradesh on a range of infrastructure projects with a special focus on the maritime sector.

AP’s secretary for investments and infrastructure, Mr Suresh Kumar, IAS was recently in South Korea making a series of presentations to companies there telling them of investment opportunities in AP.

Mr Kim also laid emphasis on export of Seafoods from Andhra Pradesh to South Korea. ‘South Korea is a big market for Tiger prawns and shrimps.

Currently only 10% of our seafood imports comes from India. This has enormous room for growth’ noted the CG.

He also pointed out that many South Korean companies would be interested in value addition of these products and companies from both aisles should explore this space.