BIG: Hyundai Steel and several other South Korean majors are all set to shut China factories and move to India

[Money & Finance]

https://tfipost.com/2020/04/big-hyundai-steel-and-several-other-south-korean-majors-are-all-set-to-shut-china-factories-and-move-to-india/

South Korea is considering moving some of the factories from China to India, according to a report in the Times of India. The rising trade wars between China and the USA had already led South Korea to mull its options and given the economic slump that has come in the wake of the Wuhan virus pandemic, it might very well have been the last straw that broke the camel’s back. Interestingly, India and South Korea have already pledged to take bilateral trade from the current US$ 21 billion to US$ 50 billion by the year 2030.

The Korean consulate in Chennai has been working with a number of requests, some in preliminary stages, while others in advanced stages. “We have requests from two iron and steel companies, some startups and one from the hospitality sector which wants to come to India from China,” said Yup Lee, the deputy consul general for the Consulate General of The Republic of Korea. The majority of Korean companies are not doing well in China and, therefore, are pulling out of its ‘controlled economy’.