The Indian state of Rajasthan sought to encourage Korean companies at the Rising Rajasthan Roadshow event in Seoul on Monday.
The roadshow comes in the lead-up the Rajasthan's government's Rising Rajasthan Global Investment Summit, to be held from Dec. 9-11 in Jaipur, the capital city of the state.
Led by Rajasthan’s Chief Minister Bhajan Lal Sharma, the roadshow delegation highlighted the state's opportunities in renewable energy and automotive manufacturing, electronics and mobile component manufacturing, petrochemicals, agro-processing and tourism.
Speaking at the event, the chief minister introduced Rajasthan's pro-business environment, economic initiatives, industrial policy, export promotion policy, micro, small and medium-sized enterprises policy, the "one district, one product" policy and the state's Investment Promotion Scheme incentives for foreign investors.
“A new chapter will be written in our historic partnership with South Korean entrepreneurs,” said Sharma.
The chief minister is confident that the participation of South Korean businesses will help Rajasthan achieve its goal of becoming a $350 billion economy in the next five years.
He urged Korean investors to utilize the state's "single window system” that allows Korean companies to apply online through the Raj Investment Portal, easing the process of setting up operations.
Delivering a presentation at the show, Ajitabh Sharma, Rajasthan’s principal secretary of industries, emphasized that Rajasthan is essential to India’s growth story, with vast opportunities for Korean industries.
“India is the world’s third-largest automotive market, and Rajasthan offers immense potential for future investments,” he said, underscoring Korea’s global leadership in technology and automotive manufacturing.
The roadshow also focused on the state's renewable energy sector, which hosts one of the world’s largest solar power plants.
The state’s ambition is to become the leading global producer of renewable energy, particularly solar power, according to the principal secretary.
“There is a big opportunity for Korean renewable energy companies to not only generate energy, but also manufacture key components like solar modules and wind turbines,” said the principal secretary.
Sharma invited South Korean companies to capitalize on the state’s robust industrial infrastructure, including the upcoming 1,000-hectare Rajasthan petrochemical complex and a range of mega food parks.
“Rajasthan’s proactive policies, combined with its thriving sectors like renewables, textiles and tourism, make it an ideal destination for international collaboration,” Ramesh Iyer, chairman of the Indian Chamber of Commerce in Korea, told The Korea Herald.
"It's the right time for Korean companies to go and grow their business there," said Iyer, who also serves as country head of Tata Consultancy Services in Korea.
Meanwhile, Indian Ambassador to Korea Amit Kumar highlighted India's special strategic partnership, praised Rajasthan's progressive industry policies and invited Korean businesses to invest in the state. Kumar emphasized Rajasthan's role as a strategic hub for foreign investment thanks to the state's connectivity and contribution to the Delhi-Mumbai Industrial Corridor.
He also noted the Japanese industrial park in Neemrana as a model for Korean businesses in the region.
Neemrana, in Rajasthan's Alwar district, is becoming a key hub for Japanese industries, with a dedicated Japanese zone established by Rajasthan State Industrial Development and Investment Corporation. India and Japan agreed in 2015 to develop Japan Industrial Townships as part of a bilateral partnership.
Indian states are trying to boost economic development by attracting private investment and are working to improve regulations and business-friendly environments targeting investments from countries including South Korea.
"Rising Rajasthan Summit in December 2024 will provide an ideal platform for exploring new business ventures in the state,” added Kumar.
