Hyundai and Kia are undoubtedly two of the laggards in the Korean auto sector. They continue to indiscriminately import despite having benefited from our free trade deal with Korea and Japan, Goyal added.He continued by saying that the modest investment of $500 million or $1 billion had cost India dearly in terms of the trade deficit it had directly created with Korea or other nations.
Source: The PrintWe’ve been speaking with Korea about expanding their markets for our products, but notice the stark contrast: neither Korea nor Japan forbid the export of steel from India, yet we are unable to sell a single ton of steel in either of these nations due to the lack of nationalist spirit that we regrettably possess, said he.
The manufacturing sector, he continued, could only receive a limited amount of assistance from the production-linked incentive (PLI) programs because, in the end, it had to be competitive, stand on its own two feet, and offer consumers great products.
On free trade agreements, Goyal stated that he observes positive developments in various nations, including the UK and Canada. No agreement between Switzerland and its neighboring countries has been started.
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