India-Korea Business Summit boosts trade ties

The summit was organized by the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, in partnership with Chosun Ilbo, a South KOrean media group, KOTRA, a trade and investment promotion body operated by the Government of South Korea, Confederation of Indian Industry (CII) and Invest India

February 27, 2018

The second India-Korea Business Summit, organised in New Delhi on February 27th, has helped in expanding trade and investment between the two fast-growing economies.

The event highlighted the growing strategic partnership between India and the Republic of Korea and the potential of increasing trade and investment between the two countries.

The summit began with a roundtable involving 25 CEOs from leading Korean companies with an estimated annual revenue of around US$575 billion and was chaired by PM Modi.

PM Modi invited Korean investments in India in railways, water transport, IT, energy, electronics, IT and infrastructure; Several business-to-business meetings were also arranged.

The second India-Korea Business Summit, organised in New Delhi on February 27th, has helped in expanding the boundaries of trade and investment ties between the two fast-growing economies. The summit was organized by the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, in partnership with Chosun Ilbo, a South Korean media group, KOTRA, a trade and investment promotion body operated by the Government of South Korea, Confederation of Indian Industry (CII) and Invest India. The event highlighted the strategic partnership between India and Republic of Korea and the potential of increasing trade and investment between the two countries.
Prime Minister Shri Narendra Modi in the inaugural address outlined his vision for greater economic engagement with the East and outlined the need to further boost partnership between two countries through investment and collaboration. The summit began with a roundtable of Korean industry and business leaders which was chaired by PM Modi. The roundtable gave the Korean companies an opportunity to discuss their investment plans and resolve any pending issues being faced by the Korean companies in their India operations. The roundtable included delegates from both Governments and 25 CEOs from leading Korean companies with an estimated revenue of around US$575 billion.
PM Modi invited Korean investments in India in railways, water transport, IT, energy, electronics, IT and infrastructure. On the sidelines of the summit, several business-to-business meetings were arranged. The summit addressed various issues across industries and was attended by over a thousand delegates, including 425 representatives from 90 South Korean companies, senior government officials and political leaders. Last year, bilateral trade between India and South Korea had crossed US$20 billion, for the first time in six years, with over 500 Korean companies currently operating in India. With South Korean investment ranking only 16th, PM Modi stressed that there was ample room for growth in ties.
PM Modi said that there was huge potential for cooperation between India’s software and South Korea’s technology industry, between the Korean automobile and manufacturing sectors and India’s metals and ores production sectors. PM Modi stressed that beyond the vast and growing domestic market, India can help bridge the gap for South Korean business to penetrate Middle East and African markets. Following PM Modi’s South Korea trip in 2015, the “Korea Plus” platform was launched to promote, facilitate and retain Korean investments in India. Korea Plus has facilitated more than 100 Korean Investors in a short span of about two years.

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