New Delhi (PTI): Indian and South Korean automobile companies can join hands to develop a model mainly for bigger East Asian markets, Commerce and Industry Minister Anand Sharma said.
Sharma said while India is fast emerging as a global design hub for small auto manufacture, Korean auto major like Hyundai have gained considerable popularity here.
“Working together, Indian and Korean companies can develop a model which reaches out to the larger markets in East Asian region,” Sharma said.
Hyundai Automobiles through its plant in Chennai has expanded operations in the last decade and today is producing 600,000 units a year, he added.
It is the second largest car maker in the Indian market with 1.87 million units in 2010. The company is also the largest exporter of cars from India.
Japan and China are the major countries in the East Asian region.
Sharma today met South Korean Trade Minister Kim Jong-Hoon and reviewed India-Korea comprehensive trade pact, implemented in January last year.