The rising ongoing trade war between the United States of America and China has made South Korean companies consider relocating some of their companies from China to India.
As per the reports, the Korean consulate has already started working and implementing several requests, some are in the preliminary stage and others are in the advance stage.
Yup Lee the deputy consul for the Consulate General of The Republic of Korea said, we have requests from two steel and iron companies, one of the hospitality sector and some startups, who wishes to come to India from the Province of China.
As per the reports of TOI, they’re looking for 5000 acres of land with port connectivity.
He further added, the Indian government was happy to see Hyundai Steel and Posco willing to set up their companies in Andhra Pradesh.
These two companies have agreed to go to Andhra Pradesh if they decide to invest. However, right now no actions have been taken from any of the companies because of low demand, Lee said.
The decision to invest in new factories in India can only be taken Post-Corona for an early return of economical growth. Many companies want to relocate to India, but because of the Coronavirus pandemic, there are some delays.
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