Prime Minister Narendra Modi lhas aunched India Korea startup hub in Seoul. Delivering keynote address at India-Korea Business Symposium Mr Modi said India has emerged as a land of opportunity and no other large economy in the world is growing at over 7 per cent year after year.
The India-Korea Startup Hub is a one-stop platform to bring the Indian and Korean start-up ecosystems closer and to facilitate joint innovation between the two economies.
The Hub was conceptualized as part of a joint statement signed between the Korea Trade-Investment Promotion Agency (KOTRA) and Invest India on 9th July 2018. The Hub will enable collaborations between startups, investors, incubators, & aspiring entrepreneurs of both countries and provide them requisite resources for market entry & global expansion.
Prime Minister said, his government has introduced flagship program Start-up India with 1.4 billion dollars fund for four years to create a startup eco-system in India. He said India is one of the most open countries for FDI today and more than 90 per cent of its sectors are now on automatic route for approval.
S. Korea, which is world’s leading market for blockchain, has consistently shown interest in Indian startup ecosystem especially in last 3-4 years.
In 2016, Korean investor KTB Network had led the $7 million (Rs. 50 crores) funding round of Bangalore based NoBroker.com.
In May of same year, SoftBank Ventures Korea had made an investment of an undisclosed amount in True Balance, one of India’s integrated, one touch prepaid mobile balance manager app. This was followed by selection of
Kerala-based hyperlocal e-commerce firm Buyfie in S. Korea’s highly prestigious and popular acceleration programme, in2Korea,