Punjab Invites Korean Firms for Investment

Chandigarh, Dec 8 (PTI) Punjab Chief Minister Bhagwant Mann Monday invited several leading Korean firms to invest in the state, and sought collaboration on many infrastructure projects.

Daewoo, GS Engineering & Construction, Nongshim, Korea Defense Industry Association (KDIA), and Seoul Business Agency (SBA) were among the firms invited.

At a meeting with the Daewoo E&C chairman Jung Won Joo, during his visit to South Korea, Mann sought cooperation in the fields of renewable energy projects, including offshore wind farms, solar power plants and hydrogen production facilities, according to an official release.

He said that there was a huge potential for collaboration in such energy infrastructure projects as LNG terminals, petrochemical complexes and fertiliser plants. Partnership on Urban development and smart city projects with integrated housing and advanced infrastructure solutions, and civil infrastructure projects including roads, bridges, railways, ports and airports was also mooted.

Mann underscored the need for strengthening cooperation in sectors like technology transfer for modular and prefabricated construction methods to enable faster and cost-effective building solutions.

In his meeting with the boss of South Korea's foremost engineering and infrastructure companies, the chief minister underscored Punjab's strong industrial momentum, modern infrastructure initiatives, and the unique unified regulator framework.

He encouraged the Global Business Group to explore opportunities in large-scale infrastructure development, the adoption of modern construction technologies, and upcoming industrial townships in the state.

Mann also laid stress on cooperation in green hydrogen initiatives through joint ventures.

In another meeting with the vice president of GS Engineering & Construction (GS E&C), Young Ha Ryu (Daniel), he underscored the need for a tie-up in renewable energy projects (solar, wind, hydrogen), infrastructure development (roads, bridges, smart cities) and industrial complexes and EPC Services.

In a meeting with Nongshim Holdings, a leading packaged food and beverages company, the Mann batted for joint development of new instant noodle flavours tailored for Indian tastes.

He also championed the expansion of Nongshim's presence in Indian supermarkets and e-commerce platforms and collaboration on campaigns targeting health-conscious and youth segments.

Mann is leading a delegation on a 10-day visit to Japan and South Korea as part of the state's outreach in the run-up to the sixth Progressive Punjab Investors' Summit scheduled from March 13 to March 15 in Mohali.