New Delhi, 4 April (IANS). South Korea is considering doubling or increasing its investment and commercial activities in India in the coming years. This information was given on Friday by Lee Seong-Ho, the Ambassador of the Korean Republic in New Delhi.
On the occasion of the inauguration of the new manufacturing plant of Boditech Made at Haryana’s Model Economic Township (MET City), the ambassador highlighted the increasing interest among Korean companies in India’s extended industrial and healthcare ecosystem.
He said, “I am indicating the growing desire of Korean companies to expand their business here. We hope that in the coming years, Korean investment and commercial activity in India will double or triple.”
He said, “Korea-India relations in India are growing rapidly. Our government is committed to pursue this relationship and ensure its development.”
Boditech Made, a leading company in the world in point-off-care (POC) Diagnostics, launched its plant at a cost of Rs 50 crore under its Indian branch Boditech Made India Private Limited in Jhajjar, Haryana.
Spread over a total of 10,032 square meters, this new plant will not only meet the needs of the Indian market, but will also export products globally from this plant.
Once completely operational, Boditech aims to capture more than five percent of India’s in vitro diagnostics (IVD) market and receive more than Rs 650 crore revenue from the Indian market alone.
According to Met City, the number of companies operating from 10 countries in the township with the arrival of Boditech Made has exceeded 580, including six companies from South Korea.
This development is in line with ‘Make in India’ and ‘self -sufficient India’ initiatives, which aims to strengthen domestic manufacturing and reduce dependence on imports.
Boditech Made Chairman and CEO UE Yul Choi described India as a strategic place for global manufacturing.
He said, “India’s supporting policy environment and healthcare infrastructure makes it a perfect place for our expansion. We are committed to contributing to India’s medical device ecosystem.”
-IANS
SKT/Ekde
