South Korean Companies Want To Move Units From China To India; Hyundai Steel, Posco In Talks With Indian Government

As going gets tough in China’s controlled economy, more and more Korean companies are pulling out of China, and are looking for ‘favourable’ nations like India. India is all set to become a manufacturing base for Korean companies for their global markets.

Due to the rising trade war tensions between the United States (US) and China, several South Korean companies might consider moving their units from the communist nation to India, The Times of India reported on Tuesday (14 April).

According to the report, the Korean consulate in Indian city of Chennai has been working with many requests from their companies with established units in China. While, some are still in their preliminary stages, others have reached the advanced stages of discussion.

“We have requests from two iron and steel companies, some startups and one from the hospitality sector which wants to come to India from China,” said Yup Lee, the deputy consul general for the Consulate General of The Republic of Korea.

Lee also said the government of India had shown interest in setting up Posco and Hyundai Steel factories in Andhra Pradesh, while also informing that the two companies agreed to setup units in the state if they made some investments.