✔India -South Korea bilateral trade could hit $ 100 billion by 2030.
South Korea wants to reduce its over-dependence on its traditional trade partner China....many South Korean MNC want to move its manufacturing base from China to India.
#Rising trade war,#Corona pandemic , #political risks and #losing Market share..... South Korea needs India more than ever... because of Korean Economy fully depends on export ,current export economy of SK is $610 billion and manufacturing (40% share in Korea GDP).
Accroding to a Report ,South Korean Companies (1)#Hyundai Steel, (2)#Posco Want to move Units from China to India....in the coming days we can expect big investment from #Lotte Corporation, #Hyundai Heavy Industries Co.,#SK group, #Samsung Electronic,#Hyundai motor & #KIA motor etc.
Like India's #Act East policy, we know South Korea has its #New Southern Policy that focuses on strengthening its economic and strategic relations with India...South Korea set a target of bilateral trade with India $50billion from $21bn by 2030.
I think India-South Korea bilateral trade could hit $100 billion by 2030.... because of India's rishing per capita income ,may hit $7000 from $2100 by 2030.
we can see more more FDI from South Korea..more trade ..more active deplomacy from Korean side.
