South Korea government’s wholly owned enterprise Korea Land Corporation(KLC) will set up a ‘Korean Industrial Park come Technology zone’ in Gujarat Vittal Innovation City (GVIC) Ltd, a high-tech multi-product special economic zone Special Investment Zone(SEZ) at Kalgam-Maroli in South Gujarat. Gujarat Government today signed a memorandum of association (MoA) with KLC in Gandhinagar entailing an investment of Rs. 7,000 crore.
Proposed Kalgam-Maroli special economic zone, located near Umargam which falls under Delhi Mumbai Industrial Corridor (DMIC) in south Gujarat will be jointly developed by state run Gujarat Industrial Development Corporation(GIDC) and India’s retired Vigilance Commissioner N.V.Vittal’s EMPI Vittal Centre INNOPOLIS Consortia. The SEZ is expected to generate direct and indirect employment for about one lakh people.
A Korean delegation led by Korean Land, Transport and Maritime affairs vice minister KWON, DO-Youp, visited Gujarat Chief Minister Narendra Modi today at Gandhinagar to start a new chapter in Gujarat-Korea partnership. Gujarat Chief Minister suggested the Korean minister to start a center of learning in the state to bridge the relation between the two states stronger. Chief Mininster Modi also invited the visiting minister to remain present in International Buddhist Conference scheduled to be held in January next year.
According to Kwon, the proposed industrial complex will be set up in 800 acres in South Gujarat and around 60Korean medium-sized companies have shown interest to set up their units there.
Companies engaged in manufacturing, IT and automobiles will set up their units or R&D activities in the industrial complex, he said.
Kwon said currently there are around 300 Korean companies doing business in India and after Comprehensive Economic Partnership Agreement (CEPA) is signed between the two countries, business and trade will go up significantly. The total trade between these two nations stood at US$ 15.6 billion last year, which is seven times higher than the volume of business registered in 2002.
“Trade and business between India and Korea will see new heights in near future,” he said at a press conference here.
The approximate investment for the industrial park will be Rs. 7,000 crore. KLC will fund 30 per cent of the total project. “The road-map for the project execution will be ready within next five to six months and it will take around five to six year to be fully operational. The park is going to function in the backdrop of the Free Trade Agreement the Government of Korea is going to sign very shortly with the Government of India. In the first phase, we have reserved approximately 800 acres for KLC to develop a model world-class Korean industrial cluster with a Korean Township as a co-developer.It has taken significant effort to orient the Koreans to shift from Chennai and NCR to Gujarat, which they are now willing to do after a year of due diligence”, said N Vittal, chairman, Gujarat Vittal Innovation City.
The Gujarat Vittal Innovation City (GVIC) is a proposed ecosystem for knowledge-based services, knowledge-based manufacturing, R&D and incubation activities, inspired by global high technology innovation clusters like the Silicon Valley in the US, Hsinchu in Taiwan, Tsukuba in Japan, Daedeok INNOPOLIS in Korea and Sofia Antipolis in France.
Chief Secretary D.Rajgopalan, minister of state for industry Saurabh Patel, Chief Minister’s Principal Secretary K.Kailashnathan and Gujarat Vittal Innovation City Limited promoter N.Vittal were present at this occasion.