Korea-India Business Forum 2024 Marks a New Era of Economic Collaboration - Read Now
The Korea-India Business Partnership Forum 2024, held on November 22 in New Delhi, marked a significant milestone in the 51-year diplomatic relationship between India and Korea. Over 600 attendees, including government officials, business leaders, and cultural ambassadors, gathered to discuss the future of bilateral trade and explore new avenues for collaboration. The event was co-hosted by Herald Media Group, the Korea International Trade Association (KITA), and the Confederation of Indian Industry (CII).
This year’s forum focused on the growing economic relationship between the two countries, with a particular emphasis on sectors such as manufacturing, construction, and finance. The event also aimed to strengthen cooperation between small and medium-sized enterprises (SMEs) in both nations, an area expected to drive significant economic growth in the future.
Korea and India: Strengthening Bilateral Trade and Business Cooperation
India’s ambitious economic goals were a key theme of the forum. Jung Won-ju, Chairman of Herald Media Group, opened the forum by emphasizing India’s goal to become the world’s third-largest economy by 2030. This vision has created vast opportunities for collaboration, particularly in sectors like infrastructure, manufacturing, and financial services, where both nations can contribute their expertise.
The forum’s discussions centered around how Korea and India could collaborate to achieve these ambitious goals. Both nations are looking to expand their markets and enhance business opportunities, and the event underscored the importance of fostering closer economic ties.
A Game-Changing MoU: Herald Media Group and FISME Collaboration
One of the most notable outcomes of the forum was the signing of a Memorandum of Understanding (MoU) between Herald Media Group and the Federation of Indian Micro, Small & Medium Enterprises (FISME). This MoU aims to create a robust framework for fostering trade, innovation, and business development between SMEs in both countries.
The collaboration seeks to drive entrepreneurial exchange, technological innovation, and market expansion. It is expected to significantly boost economic growth by enabling smaller businesses in both India and Korea to tap into new markets and leverage each other’s strengths.
Industry Leaders Share Insights on the Growing India-Korea Trade
At the forum, several prominent industry leaders shared their experiences and insights into the rapidly growing business opportunities between India and Korea. Chun Sang-pil, Senior Vice President of Samsung Electronics South Asia, highlighted the company’s successful strategy in India. He discussed Samsung’s position within the global supply chain and its decision to establish one of the largest mobile manufacturing facilities in Noida, Uttar Pradesh, which has made India a key manufacturing hub for the company.
Similarly, Tarun Garg, Chief Operating Officer of Hyundai Motor India, spoke about the company’s growth and expansion in India since its entry in 1986. Garg emphasized Hyundai’s focus on understanding the unique needs of the Indian market, a strategy that has allowed the company to cater to local consumers and achieve continued success in the country.
Shrinivas Khanolkar, Chief Marketing Officer of Mirae Asset India, discussed the enormous investment potential in India’s rapidly growing financial sector. With the country’s expanding middle class and dynamic market, there are significant opportunities for investments in mobile securities, wealth management, and other financial services.
KoINDEX Exhibition: Showcasing Innovations and Strengthening Ties
The Korea-India Industrial Exhibition (KoINDEX) was held alongside the forum, attracting over 100,000 visitors. The exhibition provided a platform to showcase innovations in sectors such as manufacturing, construction, and finance. It gave businesses from both countries an opportunity to network and explore potential collaboration opportunities, further solidifying the potential for bilateral trade.
KoINDEX highlighted the economic capabilities of both Korea and India, demonstrating the vast opportunities for cross-border business collaborations. The exhibition also served as a reminder of the growing economic power of both nations and their potential for global leadership in key industries.
Cultural Ambassadors: Promoting India-Korea Relations Beyond Business
In addition to business discussions, the forum also recognized the important role of cultural ambassadors in strengthening the ties between India and Korea. Actress Anushka Sen was honored for her contributions to cross-cultural understanding and promoting cultural exchange between the two nations.
Cultural initiatives play a crucial role in fostering goodwill and building long-term relationships, and the recognition of figures like Anushka Sen highlights the growing significance of people-to-people connections in the diplomatic and business spheres.
