Kolkata, Feb 6 (PTI) South Korean Ambassador to India Kim Joong-Keun today said that there was a tremendous scope to further expand trade and investment between the two countries. Opportunities were many in cooperation in trade, particularly in IT and ITES sectors, communications, banking, insurance, education, broadcasting, tourism and healthcare. The ambassador said Korea saw India as a promising economy and was actively looking at expanding business in automobile, construction and infrastructure, nuclear and renewable energy, ICT industry, shipbuilding and defence. Korean companies, particularly Hyundai Motors, accounts for about 20 per cent marketshare in domestic market, ranking second after Maruti. "It produces 600,000 units of cars annually and exports more than one-third of its produce to third countries, contributing to India's exports." He said LG and Samsung together accounted for 40 to 60 per cent domestic marketshare in electronics goods, such as TV sets, refrigerators, washing machines, AC and microwave ovens. Joong-Keun said that POSCO's 12 billion dollars steel mill project in Odisha is the single largest FDI ever made in India. He said that Indian companies too were also making large investments in Korea. Noting that South Korea's share in India's global trade was less than three per cent, he said its FDI in India accounted for only 1.3 per cent of the country's total outbound FDI flow.
