Tamil Nadu woos South Korean businesses to invest in state
CHENNAI: The governments of Tamil Nadu and South Korea on Monday held discussions on expanding Korean businesses that operate in the State. This comes as Industries Minister Thangam Thennarasu is leading a delegation to South Korea and Japan to improve business and trade ties. Sources in Guidance Tamil Nadu said Thennarasu met South Korea’s Deputy Minister of Trade, Industry and Energy Jeong Dae-jin in Seoul on Monday. “It was a roadshow in South Korea to woo investments,” said sources.
The discussion focussed on the fast-growing footwear manufacturing sector, the sunrise sector of green hydrogen, TN Defence Industrial Corridor, and collaboration in skilling and human capital. South Korea has one of the largest foreign presences in the region.
Apart from Germany and Europe, there is a huge demand for green hydrogen from South Korea and Japan. “With our ecosystem in Tamil Nadu, we can easily export it to Seoul or Tokyo,” said industry sources. Thoothukudi is emerging as a hub for renewable energy, and is wooing Rs 82,674-crore worth investments of green hydrogen and green ammonia.
The State is also looking at Korean companies making a foray into advanced manufacturing. It is learnt that the State is focussing on a targeted approach and is not just going for a random visit. Sources said the State is also pushing for investment in the footwear and textiles sectors.
There are about 150 South Korean companies in Tamil Nadu, and 250 in South India, which employ three lakh Indians and create 1.5 million jobs indirectly, according to data provided by the Consulate General of the Republic of Korea.
The delegation will next head to Japan. The visit is likely to coincide with Prime Minister Narendra Modi’s visit to Japan for the funeral of the country’s former prime minister Shinzo Abe. Japan has three industrial townships in Tamil Nadu.
There are 1,441 Japanese companies in India, of which 200 are in Chennai. Japanese companies contribute about 9.22% of foreign direct investment in Tamil Nadu and Puducherry. The electronics sector is likely to be in focus during the visit to Japan.
The presentations in Korea and Japan will be in their languages and not in English.