On April 20, 2026, the bustling city of New Delhi played host to a pivotal gathering of business titans and political leaders from South Korea and India. The Korea-India Business Forum, held at the heart of India’s capital, drew more than 600 top executives and government officials, underscoring the rapidly deepening economic relationship between the two nations. Among the high-profile attendees were Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Chairman Chung Eui-sun, and LG Group Chairman Koo Kwang-mo, each representing major pillars of South Korea’s industrial might.
The timing of the forum was no accident. It coincided with a state visit by South Korean President Lee Jae-myung, who, after a summit meeting with Indian Prime Minister Narendra Modi, attended the event to signal his administration’s commitment to fostering cross-border collaboration. According to Economy Chosun, the forum brought together approximately 250 Korean and 350 Indian business leaders, all eager to explore new avenues for investment and cooperation.
One of the most headline-grabbing announcements came from POSCO Holdings, which inked a memorandum of understanding for a $7.29 billion USD joint steel plant investment with India’s JSW Group. The planned facility in Odisha will help meet India’s burgeoning steel demand, reflecting the scale and ambition of the bilateral partnership. But steel was just the beginning. The forum also saw announcements and discussions spanning the automotive, shipbuilding, energy, and digital sectors—areas where both countries see significant potential for mutual benefit.
Perhaps the most striking sign of Korea’s growing stake in India, however, arrived just days later. On April 27, 2026, LG Electronics unveiled plans to expand its production facility in Noida, a major industrial hub in the northern state of Uttar Pradesh. The investment—approximately 1.4 trillion KRW, or about 900 billion Indian rupees—represents a bold bet on India’s future as a manufacturing powerhouse and consumer market. According to Hankyung, the expansion was confirmed with a financial incentives package from the Indian government, a testament to the country’s eagerness to attract and retain global industry leaders.
LG’s commitment to India is hardly new. Since entering the market in 1997, the company has built up a comprehensive local operation, spanning production, research and development, sales, and after-sales services. Over nearly three decades, LG has become a household name in India, adapting its products to local needs and tastes. The company’s “Essential Series,” featuring innovations like mosquito-repellent air conditioners and sari-specific washing machines, exemplifies this localization strategy.
The Noida expansion is not an isolated move. Earlier this year, LG began construction of a third home appliance factory in Sricity, Andhra Pradesh. Once operational, the Sricity plant is expected to produce 800,000 refrigerators, 850,000 washing machines, 1.5 million air conditioners, and 2 million compressors annually. These facilities, combined with existing plants in Noida and Pune, will make India one of LG’s largest overseas manufacturing bases. The company’s ambitions are further fueled by India’s massive population—1.4 billion strong—and its youthful, rapidly urbanizing consumer base. As Hankyung notes, India’s average annual economic growth rate of 7% and relatively low penetration of home appliances present enormous upside for companies willing to invest for the long haul.
The numbers tell a compelling story. In the first quarter of 2026, LG Electronics reported record revenue of 23.73 trillion KRW and an operating profit of 1.67 trillion KRW, driven by robust growth not only in home appliances but also in HVAC, automotive components, and built-in appliances. In India alone, LG’s local subsidiary sold over 1 million air conditioners in Q1, while also expanding exports to neighboring countries such as Sri Lanka, Nepal, and Bangladesh. The company’s Indian arm saw its annual sales rise to 3.92 trillion KRW in 2025, up from 3.79 trillion KRW the previous year, reflecting steady momentum.
Koo Kwang-mo, who personally traveled to India on April 19 as part of President Lee’s economic delegation, has made no secret of his vision for the country. In remarks at a business forum in Vietnam during the same trip, he stated, “LG is conducting business in both India and Vietnam, and I hope that this visit will lead to not only quantitative but also qualitative development.” In India, he added, “If the manufacturing capabilities of both countries are combined with AI technology, we can create the driving force for future industries.” (Hankyung)
LG’s strategy is part of a broader push to double sales in its so-called “Global South” markets—including India, Brazil, and Saudi Arabia—to over 12 trillion KRW by 2030. Of these, India is the linchpin, thanks to its demographic heft and economic dynamism. The company’s vision aligns closely with the Indian government’s own priorities. Prime Minister Narendra Modi has pledged strong support for Korean companies, promising the creation of a dedicated task force to resolve business challenges and streamline investment processes. The financial incentives secured by LG for its Noida expansion are seen as part of this pro-business policy shift.
The significance of these developments goes beyond corporate earnings and market share. India’s emergence as a strategic base for Korean companies reflects a broader reordering of global supply chains and investment flows. With North America and Europe entering a period of economic maturity, companies like LG are looking to high-growth markets in the Global South to drive their next phase of expansion. As one industry insider put it, “With North America and Europe maturing, India is LG Electronics’ mid- to long-term growth engine. The strategy covering production, sales, R&D, and capital markets in India is finally bearing fruit, and the ‘Global South’ approach is showing tangible results.” (Hankyung)
The Korea-India Business Forum, then, was more than just a networking event. It was a showcase for the deepening ties between two of Asia’s most dynamic economies, and a platform for companies to announce bold new bets on the future. As South Korean and Indian leaders posed for selfies and signed multi-billion-dollar deals, they sent a clear message: the era of Asia-led growth and innovation is here, and the partnership between Seoul and New Delhi is poised to shape the region’s destiny for years to come.
With LG’s Noida expansion, POSCO’s massive steel investment, and a host of other projects on the horizon, the stage is set for a new chapter in Korea-India economic cooperation—one defined by ambition, innovation, and a shared belief in the promise of the Global South.