Choi Jung il, Ambassador of the Republic of Korea in India, has predicted that before the end of this year, bilateral trade between the two countries will touch $10 billion. In the first quarter of this year, there has been a 50% growth in bilateral trade between the two countries. Right now, more than 200 Korean companies are operating in India and Korea is one of the top investors in the Indian market. 35 of these Korean companies are now located in Chennai and there are around 1000 Korean families in Chennai. LG, Samsung and Hyundai have taken the Indian market very seriously and these companies have also set up manufacturing plants in India.
The balance of trade is still in favor of Korea but India is gradually closing in. cotton, oil cakes, iron ore, iron & steel, organic and inorganic chemicals, wheat are the main items that India exports to Korea while India imports machinery and equipment from Korea. The two countries have been seriously the contemplating on having FTA (Free Trade Agreement) and this may come within the next few years.
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