The chiefs of leading South Korean conglomerates including Samsung Electronics, LG Group and Hyundai Motor met Prime Minister Narendra Modi, senior ministers and officials Monday to discuss India plans including expansion and exports, three industry executives said.
The conglomerates signalled their intention to make fresh investments in India while also stepping up exports, one of the executives said. Semiconductor firm SK Hynix is evaluating plans to set up a memory chip assembly and testing facility, while LG may explore new areas such as chemicals and display modules and Samsung consider expanding exports from India. Hyundai said it will tailor electric urban mobility solutions for India in collaboration with a local partner. India is one of the most important markets for the Korean chaebols that have identified the Global South as a key driver for the next round of global growth.
The company chiefs arrived in New Delhi on Sunday as part of South Korean President Lee Jae Myung’s official delegation.
The delegation includes around 200 business executives, some of them from small and medium enterprises. They are scheduled to travel to Vietnam on Tuesday.
LG Group chairman Koo Kwang-mo, Samsung Electronics executive chairman Lee Jae-yong, Hyundai Motor executive chair Chung Eui-sun, SK Hynix vice-chairman Lee Hyung-hee and POSCO chairman Chang In-hwa were among the top Korean executives who visited the PM.
Another executive said Modi highlighted the strong bilateral and trade ties between India and South Korea, urging the large conglomerates to expand investments into emerging areas such as artificial intelligence and semiconductors in India. The government also encouraged them to explore new business segments here, given their diversified global operations.
The interaction took place during a luncheon hosted by the Prime Minister. Korean chaebols such as LG, Samsung and Hyundai were among the earliest global manufacturers to set up production bases in India, with significant success, the government noted.
In response to a query, a spokesperson for LG Corp said India is a strategically important market and the group remains committed to strengthening its presence through locally relevant innovation and deeper partnerships. LG Corp is the group’s holding company, led by Koo Kwang-mo, who is part of the promoter family. Apart from electronics, the group has a significant presence in chemicals, electric vehicle batteries and display modules in Korea.
Emails sent to Samsung and SK Hynix remained unanswered till press time Monday.
Samsung Electronics on Monday posted a selfie of Lee Jae-yong with the Indian PM and the South Korean President on social media.
The conglomerates signalled their intention to make fresh investments in India while also stepping up exports, one of the executives said. Semiconductor firm SK Hynix is evaluating plans to set up a memory chip assembly and testing facility, while LG may explore new areas such as chemicals and display modules and Samsung consider expanding exports from India. Hyundai said it will tailor electric urban mobility solutions for India in collaboration with a local partner. India is one of the most important markets for the Korean chaebols that have identified the Global South as a key driver for the next round of global growth.
The company chiefs arrived in New Delhi on Sunday as part of South Korean President Lee Jae Myung’s official delegation.
The delegation includes around 200 business executives, some of them from small and medium enterprises. They are scheduled to travel to Vietnam on Tuesday.
LG Group chairman Koo Kwang-mo, Samsung Electronics executive chairman Lee Jae-yong, Hyundai Motor executive chair Chung Eui-sun, SK Hynix vice-chairman Lee Hyung-hee and POSCO chairman Chang In-hwa were among the top Korean executives who visited the PM.
Another executive said Modi highlighted the strong bilateral and trade ties between India and South Korea, urging the large conglomerates to expand investments into emerging areas such as artificial intelligence and semiconductors in India. The government also encouraged them to explore new business segments here, given their diversified global operations.
The interaction took place during a luncheon hosted by the Prime Minister. Korean chaebols such as LG, Samsung and Hyundai were among the earliest global manufacturers to set up production bases in India, with significant success, the government noted.
In response to a query, a spokesperson for LG Corp said India is a strategically important market and the group remains committed to strengthening its presence through locally relevant innovation and deeper partnerships. LG Corp is the group’s holding company, led by Koo Kwang-mo, who is part of the promoter family. Apart from electronics, the group has a significant presence in chemicals, electric vehicle batteries and display modules in Korea.
Emails sent to Samsung and SK Hynix remained unanswered till press time Monday.
Samsung Electronics on Monday posted a selfie of Lee Jae-yong with the Indian PM and the South Korean President on social media.
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