Korea envoy extols Sri City as promising place to invest in

Tirupati: Chang-nyun Kim, Consul General of Republic of Korea in Chennai along with Minhyeong Lee, director, Korea Trade-Investment Promotion Agency (KOTRA) visited Sri City on Wednesday. Joon Sik Hwang, researcher in the Korean Consulate also accompanied them. Sri City MD Dr Ravindra Sannareddy gave a brief overview of the city’s key attributes to the dignitaries while highlighting its infrastructure, distinctive features, and rapid rate of growth. He highlighted the many investment opportunities in various industries, the economic advantages offered by the state and central governments, and the particular benefit of setting up industrial facilities in Sri City.

He said that the Republic of Korea stands as the 13th largest foreign direct investment (FDI) contributor to India, with investments totalling approximately US $5.4 billion. Sri City is already hosting three Korean companies and expressed hope for more investments in the future.

Fascinated by the world-class infrastructure and business friendly ambiance, Kim expressed happiness over the presence of Korean companies in Sri City and said that it has been a pleasure of visiting Sri City and observing the impressive development.

In view of its several advantages, some of the companies would prefer Sri City for their investment in India. Later, they visited the production units of Hyundai Engineering Plastics (HDC), SK Pucore and the LG Polymers unit which is under commissioning phase and witnessed the works in progress.