KIA is struggling in AP and negotiating with the government on new changes - Says - Moon, Young Kim, President, Southwest Asia, Korea Trade-Investment Promotion Agency (KOTRA)

[Armanii]

https://www.asiancommunitynews.com/exclusive-kia-relocation-plan-to-send-negative-signals-to-korean-investor-kotra/?fbclid=IwAR2hCKbZjyDzSGoqtdVMvF7PjgoqopGKU_b52XikMo-qcO-9JFHlz6Ce8Ic

 

 

NEW DELHI: In a first, the South Korean Government’s apex trading arm Korea-Trade Investment Promotion Agency has said the incident of KIA Motors contemplating shifting it’s newly set up USD 1 billion car manufacturing plant from Andhra Pradesh to Tamil Nadu will send negative signals to existing and potential investors from Korea as well as other parts of the world.

Terming the development as unfortunate, Young Kim Moon, President, KOTRA, South-West Asia told Asian Community News (ACN) Network that it happened at a time when a large number of Korean companies were seriously planning to make a huge investment in India.

India and Korea both have vowed to take the bilateral trade from existing USD 21 billion to USD 50 billion in text tend years, said Moon.

Kia opened its 23 million square foot facility in Andhra Pradesh to manufacture vehicles for both the Indian and overseas markets in December only but is now forced to think of taking the drastic step of moving it to somewhere in or around Chennai when the new state government asked companies to reserve 75% of all jobs for locals. The state government is also reviewing some financial incentives – such as breaks on electricity tax and deferred land payments – given to the company by the previous government.

Following these developments, KIA through its sister concern Hyundai is in talks with the Tamil Nadu government for looking for land for shifting its plant.

 

Apparently irked, KOTRA that is striving hard to bring Korean investors to India, said, “It’s the promise and commitment made by the state government, not by a personal human being. So, this kind of promises should be kept irrespective of the change of the government.”

“The Central government should make some policy or law where state government cannot change its commitment made by the previous government. It will send a negative signal not only to Korea but to other countries too,” said Moon while demanding the central government’s intervention in this matter.

“There is an election every five years in India, but the commitment should be valid for 15-20 years. KIA is struggling in AP and negotiating with the government on new changes.”

When asked when if the same problem they face when KIA goes to TN, Moon said it’s a matter of some system or policy and should be handled unilaterally by the central government to ensure a safe business environment. Central government should guarantee the execution of the commitment, he added.

The KIA ‘s development highlights the challenges foreign investors face in India while dealing with policy changes at the central or state government level in India.

[sattipandu]

Ohhhhh atnaaaaaaa

[bhaigan]

Just now, Armanii said:

https://www.asiancommunitynews.com/exclusive-kia-relocation-plan-to-send-negative-signals-to-korean-investor-kotra/?fbclid=IwAR2hCKbZjyDzSGoqtdVMvF7PjgoqopGKU_b52XikMo-qcO-9JFHlz6Ce8Ic

 

 

NEW DELHI: In a first, the South Korean Government’s apex trading arm Korea-Trade Investment Promotion Agency has said the incident of KIA Motors contemplating shifting it’s newly set up USD 1 billion car manufacturing plant from Andhra Pradesh to Tamil Nadu will send negative signals to existing and potential investors from Korea as well as other parts of the world.

Terming the development as unfortunate, Young Kim Moon, President, KOTRA, South-West Asia told Asian Community News (ACN) Network that it happened at a time when a large number of Korean companies were seriously planning to make a huge investment in India.

India and Korea both have vowed to take the bilateral trade from existing USD 21 billion to USD 50 billion in text tend years, said Moon.

Kia opened its 23 million square foot facility in Andhra Pradesh to manufacture vehicles for both the Indian and overseas markets in December only but is now forced to think of taking the drastic step of moving it to somewhere in or around Chennai when the new state government asked companies to reserve 75% of all jobs for locals. The state government is also reviewing some financial incentives – such as breaks on electricity tax and deferred land payments – given to the company by the previous government.

Following these developments, KIA through its sister concern Hyundai is in talks with the Tamil Nadu government for looking for land for shifting its plant.

 

Apparently irked, KOTRA that is striving hard to bring Korean investors to India, said, “It’s the promise and commitment made by the state government, not by a personal human being. So, this kind of promises should be kept irrespective of the change of the government.”

“The Central government should make some policy or law where state government cannot change its commitment made by the previous government. It will send a negative signal not only to Korea but to other countries too,” said Moon while demanding the central government’s intervention in this matter.

“There is an election every five years in India, but the commitment should be valid for 15-20 years. KIA is struggling in AP and negotiating with the government on new changes.”

When asked when if the same problem they face when KIA goes to TN, Moon said it’s a matter of some system or policy and should be handled unilaterally by the central government to ensure a safe business environment. Central government should guarantee the execution of the commitment, he added.

The KIA ‘s development highlights the challenges foreign investors face in India while dealing with policy changes at the central or state government level in India.

KIA issue eppudo resolve ayipoyindi bhayya, this is just root cause analysis of that incident. Malli malli ilanti issues jaragakunda chuskomani chepthunaru. Asalu ee issue ki karanam locals ki job ivvamani adagatame kada, valu ivvalemu annaru light uu

[bhaigan]

KIA issue eppudo resolve ayipoyindi bhayya, this is just root cause analysis of that incident. Malli malli ilanti issues jaragakunda chuskomani chepthunaru. Asalu ee issue ki karanam locals ki job ivvamani adagatame kada, valu ivvalemu annaru light uu

[Android_Halwa]

iga ive esukoni bratakalsinde....KIA anukutna...sand, onion,amaravati,IT companies, millenium towers...

[bhaigan]

Also KIA AP benefit kosam pettina plant ayithe kadu, Bangalore ki daggara ga , Bangalore market kosam pettaru

KIA ni choosi inkonni manufacturing plants AP ki ravachu emo future lo

[Android_Halwa]

1 minute ago, bhaigan said:

Also KIA AP benefit kosam pettina plant ayithe kadu, Bangalore ki daggara ga , Bangalore market kosam pettaru

KIA ni choosi inkonni manufacturing plants AP ki ravachu emo future lo

More than KIA, it’s the state government that has invested a lot to appease KIA...paisal emo AP vi...bagupadedi TN and KA.

[kittaya]

30 minutes ago, bhaigan said:

KIA issue eppudo resolve ayipoyindi bhayya, this is just root cause analysis of that incident. Malli malli ilanti issues jaragakunda chuskomani chepthunaru. Asalu ee issue ki karanam locals ki job ivvamani adagatame kada, valu ivvalemu annaru light uu

Deffering previous government agreement kooda undhi ba...

Tdp musugu lo mothan vishayam telusukovatla...

[kittaya]

2 minutes ago, Android_Halwa said:

More than KIA, it’s the state government that has invested a lot to appease KIA...paisal emo AP vi...bagupadedi TN and KA.

TG evadiki isthavv..

[bhaigan]

8 minutes ago, kittaya said:

Deffering previous government agreement kooda undhi ba...

Tdp musugu lo mothan vishayam telusukovatla...

 deferring ani enduku vachindi locals ki job ivvali anesarike kada intha pedda issue ayindi

[Android_Halwa]

5 minutes ago, kittaya said:

TG evadiki isthavv..

You know what...TG la ilanti chillara muchatlu vundayi...such companies are not above the state. Those companies need TG and just because they run business, they do not feel like they are everything to state. 
 

Buisness people, they mind their business peacefully ...AP lo laaga rajakeeyam cheyaru..

[bhaigan]

7 minutes ago, Android_Halwa said:

More than KIA, it’s the state government that has invested a lot to appease KIA...paisal emo AP vi...bagupadedi TN and KA.

AP benefits kosam adige sarike kada intha pedda rupture ayindi

anyway it was resolved this is just root cause analysis

[bhaigan]

9 minutes ago, kittaya said:

Deffering previous government agreement kooda undhi ba...

Tdp musugu lo mothan vishayam telusukovatla...

If I am not wrong TDP govt. never agreed jobs for locals for KIA agreement or commitment whatever

[kittaya]

9 minutes ago, Android_Halwa said:

You know what...TG la ilanti chillara muchatlu vundayi...such companies are not above the state. Those companies need TG and just because they run business, they do not feel like they are everything to state. 
 

Buisness people, they mind their business peacefully ...AP lo laaga rajakeeyam cheyaru..

Adhe ga... Adele ... Company lu tisukocham Ani ae govt ayina cheppindhi... Mukkku sir em cheppaledhu Ana Ni bhavana...

 

 

[Hyper]

52 minutes ago, Android_Halwa said:

iga ive esukoni bratakalsinde....KIA anukutna...sand, onion,amaravati,IT companies, millenium towers...

Pulkas Peru urike raledhu... 

Roju Bolli gadiki adi koduki BJ ichi edupu start chestharu....😂😂