India, 2nd July 2024: In a significant move to bolster Karnataka’s economic landscape, the Government of Karnataka has signed two pivotal Memorandums of Understanding (MoUs) totaling INR 1040 Crores with DN Solutions and EMNI Co. Ltd in Seoul, South Korea today on the second day of the delegation’s visit, led by Hon’ble Minister for Large and Medium Industries and Infrastructure Development, Shri M.B. Patil. These strategic partnerships are set to advance the state’s manufacturing, research and development, and battery technology sectors.
Karnataka Secures INR 1000 Crore Investment from DN Solutions and has committed from the company for an investment of INR 1000 Crores towards establishing machine manufacturing facilities, a research and development center, and a technical support center for Indian manufacturing companies. This initiative is projected to create approximately 350 jobs over the next 7-10 years, significantly contributing to the state’s industrial growth. During the Mou signing, Shri M.B. Patil engaged in productive discussions with senior executives from DN Solutions Co., Ltd. including H.E. Ambassador Mr. Amit Kumar, Embassy of India, Mr. Ramesh Iyer, Chairman of ICCK.
EMNI Co. Ltd, represented by Chang-hoon Koh (CEO) commits INR 40 Crore for Battery Technology Advancements has signed an MoU worth INR 40 Crores to invest in the storage, testing, and recycling of LG Energy Solution’s battery cells in Karnataka. This project is anticipated to generate 100 jobs and position Karnataka as a key player in the electric vehicle and energy storage markets.
The meetings were attended by Shri Selvakumar S, IAS, Principal Secretary, Department of Commerce and Industries, and Smt Gunjan Krishna, IAS, Commissioner for Industrial Development and Director, Department of Commerce and Industries.
High-Level Delegation Advances Investment Prospects in South Korea as the Hon’ble Minister for Large and Medium Industries and Infrastructure Development, Shri M.B. Patil, led a high-level delegation to South Korea, where he engaged in strategic discussions with DN Solutions and EMNI. These meetings were held in conjunction with a ‘Roadshow on Investment Opportunities in Karnataka’ in Seoul, jointly organized by the Government of Karnataka and the Indian Chamber of Commerce in Korea (ICCK). The roadshow highlighted Karnataka’s robust industrial ecosystem, investor-friendly policies, and progressive business climate, attracting participation from over 45 companies including Hyundai Welding Co. and Krafton.
Ministerial Support from MOTIE to Foster Business Relations:
Shri M.B. Patil met with Ministry of Trade, Industry, and Energy (MOTIE) representatives, Mr. Byung Nae Yang, Deputy Minister for Trade, Ms. Rano Lee, Deputy Director, Asia Trade Division, Ms. Jeehyung Lee, Assistant Director, Asia Trade Division and Mr. Byungjoo Kim, Assistant Director, Asia Trade Division. The discussions focused on enhancing trade relations, increasing investment volumes, and exploring synergies between Karnataka’s and Korea’s innovative ecosystems. The MOTIE Minister extended his support to facilitate business engagements between Korean companies and the Karnataka government, underscoring the mutual benefits of these strategic partnerships.
The delegation has strategic discussion with Lee Seong Woo, Vice President of the Korea Chamber of Commerce & Industries (KCCI). Discussions focused on KCCI’s role in facilitating investments from Korean companies into other countries, highlighting Karnataka’s potential as a prime investment destination due to its favorable policy ecosystem, infrastructure, and ease of doing business. KCCI introduced its upcoming platform aimed at connecting companies and vendors, providing detailed information about investment projects, and identifying companies with potential investment plans. The potential of Karnataka as a hub for industrial growth and the numerous advantages of Bangalore as a global city were also emphasized.
Shri M.B. Patil invited DN Solutions, EMNI, and KCCI to participate in Karnataka’s Global Investors Meet, Invest Karnataka 2025. This platform will further explore specific investment opportunities and strengthen industrial ties between Karnataka and South Korea.
These MoUs and the strategic engagements in South Korea underscore Karnataka’s commitment to becoming a global hub for industrial and technological advancements, fostering economic growth and creating new employment opportunities in the region.
