[India Forum] Daewoo E&C vows to build Koreatown in Haryana

GURUGRAM, India -- Daewoo Engineering & Construction Chairman Jung Won-ju, who doubles as chairman of Herald Media Group, expressed his hopes to establish India’s first Koreatown, the hub of Korean culture and commerce, in a meeting with high-profile Indian government officials.

On Thursday, Jung met with Nayab Singh Saini, the chief minister of Haryana, to discuss the bilateral partnership between Korea and India.

Haryana, a state in north-central India, surrounds Delhi on three sides. The state has India's largest population of foreign residents, and is home to the local units of global companies such as Google and Hyundai Motor.

Jung kicked off the meeting by congratulating Saini’s recent victory in the election. In October, Saini won a Haryana Assembly seat, securing a third-term victory for his Bharatiya Janata Party.

“Based on the experience and competency earned through the success of urban development projects such as the Starlake City complex in Hanoi, Vietnam, Daewoo is strong-willed in India’s housing development industry,” Jung said.

Starlake City project is a large-scale township development in the capital of Hanoi, involving the development of residential, commercial and administrative centers.

Jung further stressed the will to develop more infrastructure that could house Korea-associated commercial properties in the state of Haryana, which could shape the foundations of Koreatown.

"South Korea and Haryana are made for each other," Saini said, further adding the Koreatown project could forge an amicable relationship between the two countries.

Jung met with Saini with a South Korean business delegation, including the members of the Korea Housing Builders Association.

“The chiefs in the association supply around 40 percent of the housing in Korea,” Jung said. “Taking great interest in India’s housing construction, Daewoo Engineering & Construction will launch a unit here.”

Jung and members of the Korea Housing Builders Association visited the development construction sites across the state of Haryana, including the site of Global City Gurugram, a colossal mixed-use development project.

The complex will be one of the largest planned urban developments in India, covering an area of over 1,000 acres and accommodating up to 1 million people.

Of the total area, 23 percent will consist of housing, 30 percent of green areas, and 4.5 percent of public institutions. The construction kicked off in December, and currently infrastructure development is underway.

“Though India is a fast-growing country with a large population, the housing accommodations are inadequate. There will be a major growth in the housing industry,” Kim Yong-kwan, the chairman of Daejeon, South Chungcheong Province and Sejong districts at the Korea Housing Builders Association, said.

“But we will be cautious, considering there are many hurdles to overcome, such as regulatory restrictions.”

To further strengthen the bilateral partnership, Herald Media Group hosted the Korea-Haryana Business Connect event on the same day at a hotel in Gurgaon, a city in the state of Haryana. Over 120 people, including the Korean business delegation, attended the event.

“India is a country with the largest population in the world, and a very young demographic. I know I have to do business here, and in Haryana for sure,” Jung said at the event.

Jung further reflected on receiving the Mahatma Gandhi International Award. The award, presented by the New Delhi-based Non-Resident Indians Welfare Society, recognizes international figures who foster mutual understanding and strengthen cultural and economic ties between India and other nations.

“It is meaningful that I received the award at Gandhi Smriti, a museum dedicated to Gandhi,” Jung said.

“Having been told I am the first Korean national to receive the award, I will strive to share the value of Gandhi with more Koreans. Haryana’s growth will be the growth of the entire India. I will put in all efforts to have Daewoo and Korea join the journey.”

Herald Media Group CEO Choi Jin-young also delivered a congratulatory speech.

“Haryana has been achieving remarkable growth in manufacturing, agriculture, IT, and automobile industries, based on its abundant resources and outstanding infrastructure. It has been the axis of India's economic growth in the past few years,” Choi said.

“Recently, Korean writer Han Kang received the Nobel Prize in Literature. It is even more meaningful as Indian writer Tagore Jayanti, known for the poem ‘The Lamp of the East,’ was the first Asian to win the Nobel Prize (in Literature). I wish Korea and Haryana can forge a partnership for future growth through today's event."

High-profile figures from the government of Haryana attended the event, too. One of them was Haryana Minister for Industries, Commerce, and Foreign Cooperation Rao Narbir Singh.

“Haryana’s strategic location, bordering Delhi on three sides, offers unparalleled opportunities for businesses,” Singh said, mentioning projects including the Global City development to be a lucrative option for investors.

“Haryana is uniquely positioned to benefit both India and South Korea, making it the perfect destination for entrepreneurial ventures,” he said. “As the minister, I promise to foster a business-friendly environment for Korean companies, easing regulatory hurdles and ensuring convenience.”

Anshaj Singh, director general of the Department of Foreign Cooperation at the government of Haryana, further stressed Haryana’s appeal as an investment destination for foreign companies.

"Haryana is abundant in terms of human, skill and manpower. We welcome starting our business and cooperating with you," he said.

Pawan Choudhary, advisor for the Foreign Cooperation Department, also delivered a speech, highlighting Korea and Haryana should cooperate with each other.

“Today is the day of transformation, digital platforms are changing the global market, Choudhary said. “The relationship between South Korea and Haryana is getting stronger because we have a strong bond.”

“Haryana is a land of potential, possibility and prosperity,” he said, encouraging Korean companies to consider Haryana as their “second home away from home,” he said.