South Korea, the birthplace of global conglomerates like Hyundai, Samsung, and many more, is the world’s 12th largest & Asia’s 4th largest economy. Its GDP is more than $2 trillion. In the last few decades, the country has taken huge strides in industrialization, making it one of the most technologically advanced industrialized countries in the world.
At one point, South Korea used to be counted as an economically-backward nation. From there, it has been a spectacular growth story (also known as Miracle on the Han River). Even now, it is among the fastest-growing economies globally and is set to become a dominant force in the world economy by 2050.
The country laid a lot of stress on its education system to bring it up to world standards. This ensured a highly educated population that was motivated to succeed and keep growing. This fuelled the country’s economic boom riding on the back of rapid technological advancement. Shipbuilding, electronics, automobile, construction, mining, tourism – South Korea is a major global player in all these sectors and more.
By 2014, they became the 7th largest exporter in the world. Its economy is a mixed economy, dominated by family-owned chaebols. International financial authorities like the IMF, World Bank have consistently complimented South Korea on the strength of its economy and its capacity to withstand major global economic shocks.
India-South Korea Trade Relations
Historically, India’s relation with South Korea goes back to almost 2000 years. Formal trading relations started sometime in the 1970s. Since then, trading activity between the two nations has achieved significant growth on a consistent basis.
Today India is the 20th most important source for imports and the 7th largest export partner of South Korea. Major items that India exports to South Korea are petrochemical products, with Naphtha being more than 50% of it. South Korea’s exports to India consist of light and heavy industrial products, technology items, and knowledge-based products.
Many South Korean companies, like LG, Samsung, etc. have set up manufacturing bases in India. There is a significant presence of South Korean construction firms in many infrastructure activities in India, e.g. the National Highways Development Project.
South Korean Brands in India
Many South Korean companies are present in India, across sectors. I have listed some of the best South Korean brands available in India:
Samsung India Electronics Pvt Ltd
This electronics giant has made India a major manufacturing base. In 2018, the company made operational the largest mobile manufacturing unit in Noida. Apart from more than 20 varieties of smartphones, the company also manufactures semiconductors, chips, and hard drives for both retail as well as organizational clients.
LG Electronics India Pvt Ltd
This is another South Korean electronics major that has a large operating base in India. It offers a range of products like LCD TVs, washing machines, refrigerators, and other home appliances. It is also into home entertainment, mobile communications, and vehicle components.
Hyundai Motor India Ltd
For the last 24 years, this company has been in India. It is headquartered in Tamil Nadu. It is a renowned manufacturer of automobiles. HMIL’s Santro was among the earliest competitors to the Maruti small car. It has two production facilities in Tamil Nadu where the most advanced technology is followed in manufacturing, quality control, and testing.
This South Korean auto major is steadily building its market share in India. It is also South Korea’s second-largest automobile manufacturer, after Hyundai. The company manufactured its popular SUV, the Seltos, in India – and thus began its Indian journey.
Hyundai Steel India Pvt Ltd
Hyundai Steel was the first Korean steel manufacturer, established in 1953. It has been in India since 2006. They manufacture a range of steel products like hot and cold rolled steel, steel plate, automotive bars, special steel, stainless steel, and many more items. This company is a major producer of steel for the automotive industry. It invests heavily in R & D to create future-ready products.
Posco is of the largest steel manufacturers in the world by value. In India, the company has signed an MOU with the government of Odisha for undertaking steel manufacturing. It already has such facilities in Karnataka & Maharashtra. In both these facilities, the company produces a large range of steel products for multiple uses.
Lotte India is a part of the Korean Conglomerate, the Lotte Group. Lotte India is a big name in the Indian confectionery market. It produces a range of confectionery items, among which there are popular brands like Coffee Bite, Lacto King, and Lotte Eclairs, among others.
LG Soft India Pvt Ltd
Outside South Korea, this is one of the most important centers of LG for carrying out research & development activities. The core activities are the development of mobile apps, biometrics software, and digital video broadcast.
This company is into manufacturing of electronic items like set-top boxes, digital video recorders, and other similar items. It is among the leading manufacturers of digital set-top boxes globally.
Cheil India Pvt Ltd
The parent company, Cheil Worldwide, began its journey in Seoul, South Korea in 1973. It is a top-level service provider in various fields like advertising, public relations, digital marketing, etc. It has top MNC clients like Microsoft, GE, Adidas, Coca Cola, Nestle, etc.
List of Top 10 South Korean Brands in India
|Sl. No.||Brand Name||Establishment||Headquarter||Website|
|1||Samsung India Electronics Pvt Ltd||1995||Gurgaon, India||https://www.samsung.com|
|2||LG Electronics India Pvt Ltd||1997||Greater Noida, India||http://www.lg.com/in|
|3||Hyundai Motor India Ltd||1996||New Delhi||https://www.hyundai.com|
|4||Kia Motors||1944||Seoul, South Korea||https://www.kia.com/|
|5||Hyundai Steel India Pvt Ltd||2013||Kancheepuram, India||https://www.hyundai-steel.co.in/|
|6||Posco||1968||Pohang-si, South Korea||http://www.posco.com/|
|7||Lotte||1967||Seoul, South Korea||https://www.lotteindia.com/|
|8||LG Soft India Pvt Ltd||1996||Bengaluru, India||https://www.lgsoftindia.com/|
|9||Humax||1989||Seongnam-si, South Korea||https://humaxvision.com/|
|10||Cheil India Pvt Ltd||2003||Gurgaon||http://cheil.com/in/|
Hope you like the above list, let me know your favorite South Korean companies!