India and South Korea on 18 June 2016 launched a special initiative, Korea Plus. The initiative aims at promoting and facilitating Korean Investments in India.
The platform was launched by the Commerce & Industry Minister Nirmala Sitharaman and Joo Hyunghwan, the Minister of Trade, Industry & Energy, Government of Korea.
• The mandate of Korea Plus covers the entire investment spectrum including supporting Korean enterprises entering the Indian market for the first time.
• It will look into issues faced by Korean companies doing business in India and policy advocacy to the Union Government on their behalf.
• It will act as a mediator in arranging meetings, assisting in public relations and research/evaluation
• It will provide information and counseling in regard to Korean companies’ investing in India.
It comprises of a representative from the Ministry of Industry, Trade and Energy, Government of Korea and representative from Korea Trade Investment and Promotion Agency (KOTRA). Besides, it also includes three representatives from Invest India.
The two nations inked a MoU for establishing Korea Plus in January 2016. This MOU came as an outcome of the visit of the Indian Prime Minister to South Korea in May 2015.