Korea-India Forum Celebrates Growing Economic Synergy

Korea-India Forum

The Korea-India Business Partnership Forum, held on November 22, 2024, in New Delhi, was a landmark event celebrating the 51st anniversary of diplomatic relations between Korea and India. With over 600 attendees, the forum brought together business leaders, government officials, and cultural figures from both countries to discuss new opportunities for collaboration. The focus was on strengthening bilateral trade ties and exploring areas of mutual growth, including manufacturing, infrastructure, and finance.

Co-hosted by the Herald Media Group, the Korea International Trade Association (KITA), and the Confederation of Indian Industry (CII), the forum served as a platform for high-level discussions on how both nations can build on their existing economic ties. In his speech, Herald Media Group Chairman Jung Won-ju emphasized the growing opportunities for cooperation, particularly as India sets its sights on becoming the world’s third-largest economy by 2030. He underscored the significance of aligning both nations’ strengths to achieve shared economic prosperity.

A notable moment during the forum was the signing of a Memorandum of Understanding (MoU) between Herald Media Group and India’s Federation of Indian Micro and Small & Medium Enterprises (FISME). This agreement aims to foster deeper cooperation between small and medium-sized enterprises (SMEs) in both countries. By facilitating collaboration on trade, innovation, and business development, the MoU opens up new pathways for growth, especially for India’s burgeoning SME sector, which plays a crucial role in driving the country’s economy.

Several industry leaders shared valuable insights on India’s rapidly expanding market and the role it plays in driving global economic growth. Chun Sang-pil, Senior Vice President of Samsung Electronics South Asia, discussed how India’s growing market and skilled workforce are integral to Samsung’s operations in the region. Samsung has been a pioneer in utilizing India’s strategic position within global supply chains, with its mobile manufacturing facility in Noida being one of the largest in the world.

Tarun Garg, Chief Operating Officer of Hyundai Motor India, also shared his company’s successful journey in the Indian market. He highlighted how Hyundai has become a leader in India’s automobile sector by focusing on innovation, meeting local needs, and building strong relationships with Indian consumers. Hyundai’s continued success in India exemplifies the potential for international companies to thrive in this dynamic market.

Shrinivas Khanolkar, Chief Marketing Officer of Mirae Asset India, addressed the growing opportunities in India’s financial sector. He noted that India’s expanding middle class, along with its technological innovations, creates fertile ground for investment in areas such as mobile securities and wealth management. Khanolkar emphasized that India’s market is ripe for further international investment, with the country’s economic growth and technological infrastructure providing strong returns for investors.

The forum also coincided with the Korea-India Industrial Exhibition (KoINDEX), which attracted over 100,000 visitors from across the globe. The exhibition provided a detailed look at the latest developments in manufacturing, construction, and finance, underscoring the robust economic cooperation between India and Korea. It also offered a platform for companies to showcase their innovations and explore future collaborations.

The event concluded with the presentation of awards to individuals such as Anushka Sen, who was recognized for her contributions to cultural exchange between the two nations. This acknowledgement highlighted the importance of not only fostering economic relations but also nurturing cultural ties between India and Korea.

In conclusion, the Korea-India Business Partnership Forum was a resounding success, marking a new chapter in the economic relations between the two countries. The discussions and agreements reached during the event promise a future filled with potential and cooperation, laying the foundation for continued growth and mutual prosperity.

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