There are huge opportunities exist for Korean investors in India's startup ecosystem, said Commerce and Industry Minister Piyush Goyal on Friday.

Korea and India need to increase collaboration in sectors such as automobile, textiles, food processing, and chemicals to enhance economic ties, Goyal said.

The minister also invited Korean businesses to invest in India.

''Korean investors and the startup ecosystem I believe can find huge opportunities in India's startup ecosystem. We need to complement our strengths in automobile, textiles, food processing, metals, mining, chemicals and also grow some of our traditional sectors like steel,'' he said at the fourth edition of the India-Korea Business Forum.

He said the government has recently launched a National Infrastructure Pipeline with projects worth over a trillion dollars and it can provide opportunities for companies. ''Today India is the preferred destination for investments. Our experts are at an all-time high, our economy is bouncing back and will possibly see one of the fastest growth rates across the world,'' he added.

Goyal informed that nearly 15,000 Koreans call India their home and about 12,000 Indians live in Korea.