Vivek Sharma, New Delhi, India: On the occasion of Golden Jubilee (50 years) of India-Korea diplomatic relations, Korea Trade and Investment Promotion Agency (KOTRA), the commercial section of the Embassy of the Republic of Korea, organized the “ Korea-India Future Industry Partnership Event 2023”.The two-day powerful event comprised of a high-level government and industry forum on April 26th and direct networking sessions on April 27th.
India,
being one of the fastest-growing economies, is rapidly emerging as a
next-generation global manufacturing hub. The Government of India has
undertaken various steps to promote the manufacturing sector and to boost
domestic and foreign investment in India.
Korea
is excelling in the most sought-after sectors of today: EV, ICT and Carbon
Neutral (Green Industries) and numerous Korean companies are already emerging
as key players in India’s manufacturing industry.
Korea
and India have a strong economic partnership that is rapidly expanding.
According to data from Korea's Ministry of Trade, Industry, and Energy (MOTIE),
Korea's trade volume with India in 2022 reached a record high of $27.8 billion
increased by 17.3% from the previous year's total of $23.7 billion (in 2021).
It was the largest trade volume between the two countries on yearly basis as
both exports and imports increased significantly. Korea's exports to India
increased by 21.0% to $18.9 billion, while imports increased by 10.5% to $8.9
billion.
According
to the Export-Import Bank of Korea, Korea's investment in India in 2022 (as of
January-September) increased by 54% year-on-year to $348 million, showing a
gradual recovery after the pandemic. Apart from previous major investment of
manufacturing industries such as electricity, automobiles, and chemicals, new
trend of investment expends various fields such as food, textiles and
diagnostic kits.
The
event aimed to create opportunities for joint ventures, strategic partnerships,
and investments by exploring new avenues of collaboration in the future
industry sector (EV, ICT & Carbon Neutral (Green) Industries).
The
event featured participation from around 150 Korean and Indian participants,
high-level keynote speakers, Government policies presentation by eminent
Government and Industry Experts from India and Korea that will provide valuable
insights into the latest trends and developments in the industry.
The
forum was graced by Korean Ambassador to India, H.E Chang Jae-bok and Executive
Vice President for Economic Cooperation & Trade Affairs, KOTRA, Mr.Taeho
Kim.
Executive
Vice President for Economic Cooperation & Trade Affairs, KOTRA, Mr. Taeho
Kim's remarks were a testament to the longstanding and fruitful diplomatic and
trade relations between India and Korea. ‘’As we move forward, we must
prioritize cleaner energy and focus on SDGs, which are the need of the hour. I
believe that both countries will continue to work towards achieving these goals
and take our collaboration to new heights. Together, we can create a more
sustainable and prosperous future for our nations and the world."
Korean
Ambassador to India H.E Chang Jae-bok in his opening remarks said ‘’It is with
immense gratitude that I thank all the participants of Kotra for coming
together to celebrate the 50-year milestone of our diplomatic relationship. As
we move forward, India and Korea must focus on the critical issue of green
energy and learn from each other's strengths. Green energy, hydrogen energy,
and EVs are the future, and Korea's leadership in producing EVs since 2005 is
an excellent example for India. Through collaboration and cooperation, we can
further emphasize the importance of adopting green energy and work towards
achieving the sustainable development goals that both countries are committed
to. With combined efforts, India and Korea can pave the way for a greener
future and achieve greatness together.’’
Momentous
welcome remarks were delivered by Mr. Amitabh Kant, G20 Sherpa of India through
his video presentation “India's rapid economic growth is paving the way for a
brighter future, and we are poised to become the 3rd largest economy by 2030.
As India takes on the G20 presidency, we aim to bring together countries to
promote sustainable development goals that will benefit not only India but the
world. Our belief in 'One World, One Family' drives us to contribute towards
SDGs and promote sustainable practices that will enable future generations to
live a greener and cleaner life. Through our efforts, we can create a more
sustainable world that is harmonious and equitable for all.
Email
id : reporter.cnpn@gmail.com
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