New Delhi, April 4 : South Korea is looking to double or even triple its investments and business activities in India in the coming years, Ambassador of the Republic of Korea to India, Lee Seong-ho, said on Friday.

Speaking at the inauguration of Boditech Med Inc's new manufacturing facility in Haryana's Model Economic Township (MET City), the envoy highlighted the growing interest among Korean companies in India's expanding industrial and healthcare ecosystem.

"I see growing signs of Korean companies wanting to expand their business here. We hope to double or even triple Korean investment and business activity in India in the coming years," he said.

"The Korea-India relationship is growing faster in India. Our government is committed to taking this relationship forward and ensuring its growth," he added.

The event marked a major development in the medical devices sector as Boditech Med Inc, a global leader in Point-of-Care (POC) diagnostics, opened its Rs 50 crore facility in Haryana's Jhajjar, under its India arm, Boditech Med India Private Limited.

Spread across 10,032 square metres, the new plant will cater not only to the Indian market but also to export products globally from this facility.

Once fully operational, Boditech aims to capture over 5 per cent of India's in vitro diagnostics (IVD) market and is eyeing more than Rs 650 crore in revenue from the Indian market alone.

According to MET City, the arrival of Boditech Med has pushed the number of companies operating in the township to over 580 from 10 countries, including six from South Korea.

The development aligns with the 'Make in India' and 'Atmanirbhar Bharat' initiatives, aimed at strengthening domestic manufacturing and reducing import dependency.

Boditech Med's Chairman and CEO, Eui Yul Choi, called India a strategic location for global manufacturing.

"India's supportive policy environment and healthcare infrastructure make it the perfect place for our expansion. We are committed to contributing to India's medical device ecosystem," he said.

/IANS