Combining Korea's manufacturing foundations, India's ICT will help in developing future industries: S Korea
Nov 10, 2022
New Delhi [India], November 10 : If Korea's outstanding manufacturing foundations such as electronics, automobiles, steel, are combined with India's world-class information and communications technology (ICT) capabilities, this will contribute to the development of future industries, including EVs and batteries, as well as strengthen the resilience of regional supply chains, Republic of Korea Deputy Trade Minister Jeong Dae-jin said on Thursday.
The Deputy Minister for Trade, Ministry of Trade, Industry and Energy (MOTIE), Republic of Korea, was addressing virtually during the India Korea Business Partnership Forum, which was organised by Confederation of Indian Industry (CII) in partnership with Korea International Trade Association (KITA).
Jeong further highlighted, "There is a huge potential for cooperation in the clean energy sector, when it comes to realising carbon neutrality. Under our carbon neutrality goals, Korea and India are endeavouring to reduce greenhouse gas emissions through the deployment of renewable energies as well as the expansion of the hydrogen economy."
In his virtual address, Amit Kumar, Ambassador of India to the Republic of Korea, said, "There is a vast potential for deepening the economic and commercial linkages between India and Korea. India has witnessed consistent structured reforms and liberalisation, relaxation of foreign direct investment (FDI) norms, relentless focus on improving both digital and physical infrastructure and advancing social and financial inclusion over the past two years which has ensured sustained economic growth. Our rankings in ease of doing business, competitiveness and innovation have all improved, reflected in sustained FDI over the past few years".
He further said, "Both India and Korea must work together to grasp emerging opportunities for cooperation both bilaterally and in multilateral forums such as the G20".
Chang Jae-bok, Ambassador of Republic of Korea to India, in his address said, "In this era of geopolitical conflicts and economic uncertainty, mutually-beneficial and friendly-relations between Korea and India is becoming increasingly important." Further, he said, "Many Korean manufacturing companies investing in Korea are creating jobs, expanding exports and transferring technology. Improving business environment for Korean companies and early conclusion of the negotiations to upgrade Comprehensive Economic Partnership Agreement (CEPA) will benefit both Korean and Indian companies as well as our people."
Sumita Dawra, Special Secretary, department for promotion of industry and internal trade (DPIIT), Government of India, stated, "Korean companies have been investing in the traditional sectors in India. However, among 600 plus present here, we see their interests diversifying into various sectors including food processing, renewable energy, pharmaceuticals, medical devices, startups, hydrogen energy, IT and defence." She added, "Next year, when the business delegation from Korea visits India, we would be very happy to chart a programme of mutual interest and handhold them. Further, we would like to do an investment roadshow in Korea at the earliest, setting the stage for the visit next year and building our business network".
Jeong Marn-ki, Executive Vice-Chairman, KITA, said "To prepare for the post-oil era, India also has concentrated its national capabilities, on renewable energy development to meet the international carbon neutrality standards". He further added that India was mainly focused on solar and wind among energy sectors while Republic of Korea had a competitive edge in nuclear and hydrogen energy.
Piruz Khambatta, Chairman, CII National Committee, and Group Chairman, Rasna, stated, "MSMEs (micro, small and medium enterprises) are the backbone of both Indian and Korean economies and I think there is huge opportunity in this space which will help in employment growth and better quality of life. Financial services and startups are another area where Indian and Korean businesses can do a lot together."
