India‘s Punjab to set up Korean industrial park with special offers

Aug 24, 2015, 08:45 am

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[Interview] Punjab Deputy Chief Minister Badal, "Special power rate & tax advantage for Korean investors…Investment could be recovered in 4 to 5 years."

 

Punjab Deputy Chief Minister Sukhbir Singh Badal (52) explains about Punjab's plan to set up an industrial park for Korean investors in an interview with AsiaToday on Friday./ Photographed by Ha Man-joo


By Ha Man-joo, India correspondent, AsiaToday - Punjab Deputy Chief Minister Mr. Sukhbir Singh Badal said on Friday that Punjab could set up an industrial park for Korean companies in the best area.


"The state government will provide every support to set up the 'Korean Industrial Park' (working title). Punjab will provide the cheapest power among all states in the country and will offer tax benefits," said Mr. Sukhbir Singh Badal in an interview with AsiaToday held at Punjab Government office in Chandigarh on Friday.


He said, "Through tax incentives, investment could be recovered in 4-5 years. This is a very attractive offer that will bring tremendous benefits to Korean companies."


Sukhbir Singh Badal is the Deputy Chief Minister of Pujab and the son of Punjab Chief Minister Parkash Singh Badal. He is also the president of Punjab's ruling party - Shiromani Akali Dal (SDA). His wife Harsimrat Kaur Badal is the Union Cabinet Minister of Food Processing in the Modi government.


In connection with this five-day trip to Korea starting on August 29, Mr. Sukhbir Singh Badal said, "China is losing competitiveness as a new investment market, and India is a global manufacturing hub that can replace China. Punjab is the most business-friendly state in India, and is the best place for investment and manufacturing. I look forward to having concrete results that Korean companies and the Punjab state could cooperate during my visit to Korea."


He continued, "In conjunction with the Indian government, the Punjab government is putting efforts on the technology development. Korea's support for development of smart cities in the state will create a common interest."


 
On August 21, an economic investment briefing for Korean companies in India was held at Punjab Government office in Chandigarh. Punjab Chief Minister Parkash Singh Badal (second from the left), Deputy Chief Minister Sukhbir Singh Badal (third), Parminder Singh Dhindsa (fourth), and other high-level officials explained about Punjab's economy and investment environment./ Photographed by Ha Man-joo


Previously, Mr. Sukhbir Singh Badal attended an economic investment briefing for Korean companies in India on Friday, and said, "Punjab is putting focus on education and skill training. We are seeking the cooperation of Korea in the fields of education and skill training."


He said that Punjab is an attractive investment destination with stable and cheap power supply, the best education investment and agricultural productivityy, 4G network, and more.


Kabir Singh, Managing Director of Sigma Group, said, "Since its establishment in 1988, Sigma has grown as a world-class enterprise with 3,500 people working. Signma is a living successful case of Punjab's business-friendly policy. Here, we have high quality yet cheap manpower with strong desire to learn."



#India #Punjab #Korean industrial park 
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