India-Korea Business Partnership Forum celebrates 50 years of bilateral relations

New Delhi [India], November 7 : The 6th India-Korea Business Partnership Forum marked a momentous celebration of the 50th anniversary of diplomatic relations between India and the Republic of Korea.
Distinguished delegates and dignitaries convened at New Delhi, to deliberate on the enduring business partnership between the two nations.
Ambassador Chang Jae-bok, the Ambassador of the Republic of Korea to India, expressed his heartfelt congratulations to India for the successful G20 summit and commended Indian leadership.
Jae-bok said, "Other bilateral meetings, people-to-people exchanges for tourism, education, culture with Korean culture has been exemplified by Korea Drama and is gaining popularity in Indian society. In return Indian culture particularly movies and cuisine is finding a strong one in Korea. In the economic domain, our robust relationship which has matured over the past five decades is deeper".
He emphasized the strengthening ties between the two nations, especially as they celebrated their 50th anniversary.
"Over 600 Korean companies have established themselves in India. They have expanded their establishments in India. In the 50 years, since the establishment of diplomatic relations, Our ties consistently progressed in a positive direction, especially in the economy of Korea's industrial development and cutting-edge technology. India's growing role in the global supply chain is expected to benefit Korea by diversifying our export and neutral contents", said Jae-bok.
Ambassador Chang highlighted various sectors of cooperation, including people-to-people exchanges in tourism, education, and culture, economic collaboration, and the growing popularity of Korean culture in India.
"Companies have expanded their investment in India, encompassing various sectors, including finance, logistics and online gaming, collaboration in areas such as re hydrogen and electric vehicles towards significant progress as well," Jae-bok said.
He also noted the positive progress in economic relations, the expansion of Korean companies in India, and the benefits of India's growing role in the global supply chain for Korea.
Ambassador of India to the Republic of Korea, Amit Kumar, who addressed the event virtually, stressed the significance of the 50 years of diplomatic relations between India and Korea.
Amit Kumar said, "The event also commemorates 50 years of our diplomatic relations. KITA is the largest business organization. Despite the global headwinds, you can witness and experience firsthand the prevailing sense of optimism and inherent dynamism in the Indian economy today".
He mentioned the deepening consultations on political, strategic, economic, and commercial matters between the two nations.
Kumar said, "President Yoon and Prime Minister Modi met twice this year. Our foreign ministers too have met twice. There have been numerous other multi-sectoral exchanges at the senior level, senior officials are non-governmental level, moving in the economic and commercial domain. India and ROK are today deepening consultations on political and strategic issues, boosting economic and commercial linkages".
"Discussing energy climate change and sustainable development exploring science and technology higher education, innovation and the sort of cooperation promoting cultural exchanges and people to people connectivity. We are going through significant transitions globally, be it in terms of geopolitical shifts so reconfiguration of supply chains, or in terms of new and emerging technologies", Kumar said.
Ambassador Amit Kumar highlighted discussions on energy, climate change, sustainable development, science and technology, higher education, and innovation.
"As two of the top 10 economies in the world, we will need to work even more closely. The two sides are in discussions not only on trade and investments but also on broader bilateral economic corporations. we're expanding the conversation to include infrastructure in a new technology. If you look at India, its economy is projected to grow at relatively high rates of growth for the next two decades and will overtake Germany and Japan to become the third largest by 2027", said Kumar.
Kumar stated, "India also emphasizes the scale and growth opportunities, the availability of skill and talent as well as technology and innovation capabilities that are hard to find. We currently have the third-largest start-up ecosystem in the world that is driving innovation and competitiveness across various sectors of the economy. We already have around 600 Korean companies in India, which have been quite successful. It is time to get more Korean MSMEs to join them in India".
He emphasized the need for closer cooperation between India and Korea as two of the world's top 10 economies. India's rapid economic growth, innovative start-up ecosystem, and vast opportunities for collaboration make it an attractive destination for Korean companies, with around 600 already successfully operating in India.
The Ambassador encouraged Korean MSMEs to explore further business prospects in India.