Special Cell for Clearances to Korean Investments

VISAKHAPATNAM:Ambassador of the Republic of Korea Joongyu Lee said that his country considered Andhra Pradesh as the State with good potential for investment in various sectors. AP is one of the progressive and forward-looking States of India and drawing world’s attention to its vast opportunities, he added.

Korea Caravan 2015 in Andhra Pradesh was held in the city Tuesday. On the occasion, the Korean Embassy launched Korea-AP Friendship Forum, aiming to interact with the industrialists, entrepreneurs and investors of the two nations.

Addressing the gathering, Joongyu Lee said that Andhra Pradesh’s potential and track record were supported by the World Bank’s recent report on ‘Assessment of State Implementation of Business Reforms,’ evaluating the ease of doing business and assigning Andhra Pradesh the second rank in India. Korea reiterates its faith and confidence in the potential of Andhra Pradesh and was eager to have a firm foothold in the State.

Prime Minister Narendra Modi, who visited Korea last May, exhorted the Koreans to become privileged partners in India’s quest for economic development and the Korean investors were quick to respond, Lee said.

AP chief secretary IVR Krishna Rao called upon the Koreans to join hands with the Indians to set up various industries in the State. The chief secretary also informed the Korean delegates that an exclusive cell would be opened in his secretariat to issue necessary clearances and give swift response to investors. He also said that Korea was number one in IT while Andhra Pradesh was very strong in software. If both parties set up mutually related units, good results would be ensured.

“Knowing the priorities of the Indian government in areas of manufacturing, skill development and building Smart Cities, Korean companies are keen to share their experience and expertise. We are hopeful that the enduring image of trust and credibility of the Korean companies which has been built and sustained over the years gets reinforced in the days to come,” Lee said.

HRD minister Ganta Srinivasa Rao and his IT and PR counterpart P Raghunatha Reddy informed the delegates that it was the right time to make investments in the State. They said that the government had been offering several sops to investors. Ship building, automobile, IT, gaming and engineering among others are good sectors for investments. Stressing the Visakhapatnam region as one of the best spots to set up units, the ministers said that the city has rail, road, air and water connectivity.

During the day-long sessions, INCAP managing director K Sambasiva Rao, Confederation of Indian Industries, AP Chapter, vice-president GS Sivakumar, Andhra Pradesh IT commissioner GS Phanikumar, commissioner of Commerce and Trade, Andhra Pradesh, B Sridhar and AP commissioner of Tourism RP Khajuria explained the strengths of the State in the sectors.