Foreign Direct Investments (FDI) in any sector, are not a competition to the domestic products, but could result in healthy collaborations.
With this mindset, India is sure to move up the Global Value Chain (GVC) and give tough competition to the neighbours.
Korea Trade Centre (KOTRA) Chennai is a nonprofit organization, working within the guidance of Embassy of the Republic of Korea. KOTRA facilitates trade exchanges between Republic of Korea and India.
KOTRA brought out a team of Professors from Chungbuk National University, Hanyang University and Seoul National University to brief about the various initiatives that India must take up to get more FDI. Professor HWY-CHANG MOON, Professor JUNG JIN SUP & Professor YIN WENYAN briefed the issues.
The knowledge chamber of AP & TS, Federation of Telangana and Andhra Pradesh Chamber of Commerce and Industry (FTAPCCI), facilitated this program on 23 February 2018 at their office.
Incidentally the professors present on the occasion were also financial advisers for South Korean government specially FDI.
The event highlighted the need to gap potentials with actual, to make best use of the present global scenario. India is considered as best alternative for FDI because of the various winning factors that the nation has.
However, the delegation assured that if the parameters are shaped well the objective would be achieved with ease.
The areas that needed improvisation were categorized into four factors:
- Agility: Though India has abundance of cheap labour, the need of the hour is to increase the labour productivity and develop precision and speed at par with international standards. The government has to control the regulations for better outputs.
- Benchmarking: We need to consider serious introspection to match the competitors (nations) to give better quality hours. The work force must grasp the best practices and better them too.
- Convergence: Industrial clusters must develop related industries to support the main company. Our logistics must be improved drastically while the freight rates must be moderate. As the country is vast, serving the entire nation needs better and affordable logistics facilities. Living standards for the investors must be revamped to international levels.
- Dedication: The nation that is divided by regions must cooperate with other parts and give a healthy competition for better overall growth.
The above four points under control, then growth is inevitable felt the eminent professors. The participants were overwhelmed with revelations. True, the world is considering India as a good option to invest.
However, conclusion by CA Arun Luharuka Senior Vice President, FTAPCCI, was worth reckoning for the participants. He elaborated how India provided a conducive climate for foreign companies without any bias. To substantiate his claims, the distinguished speaker gave certain live examples that made all around agree, with smiles.
Way2World salutes these stalwarts for their valuable insights and congratulates the trendsetters who wish to make amendments for a better nation. With inputs from internet – Rajkishan