‘Korean Industrialists Planning To Move Out Of China Are Keen To Invest In Uttar Pradesh’: Korean Industry Chamber 

‘Korean Industrialists Planning To Move Out  Of China Are Keen To Invest In Uttar Pradesh’: Korean Industry Chamber Image Credit: Rameshng/International Tech Park Bangalore or simply ITPB

In a positive development, Korean industrialists have expressed interest in investing in Uttar Pradesh, reports Business Standard.

The move comes amid several reports that companies with investments in China are exploring the possibility of moving out of the country following the coronavirus outbreak.

The development was shared by the Korea Chamber of Commerce and Industry (KCCI) chairman Yongmaan Park who reportedly told UP micro, small and medium enterprises (MSME) and export promotion minister, Sidhart Nath Singh, that Korean electronics makers, looking to move out of China, were keen on investing in the state.

It should be noted that KCCI is the oldest and largest business organisation in Korea representing approximately 180,000 member companies of various sectors.

UP Minister Singh has assured all possible help to the Korean investors to set up their plants in UP. He also underlined that the grievances of the existing industrialists would be resolved at the earliest.

He added, “The central and UP governments are collectively working towards bringing the domestic industrial sector back on track. The Yogi Adityanath government is all for making the state policies more amenable for industries to lessen the impact of covid-19.”

It should be noted that last month Uttar Pradesh Chief Minister Yogi Adityanath has said that the state should be promoted as an industrial hub in the post-lockdown scenario.

The Chief Minister has directed officials to reach out to firms that could be planning to move base to India from China and use it as the state's industrial revival strategy.

He further said that industrialists and investors can look forward to easing of rules and concessions in policies as the government is preparing an industrial revival plan after the lockdown.

The state government has started the process of identifying such corporations mainly based out of Japan, South Korea, USA, European Union etc.

He further directed the industries department to revisit all policies to make them industry-friendly. He asked for labour laws to be improved and a specific policy on sick units to see if they can be revived.