New Delhi, July 11 (KNN) Giriraj Singh, Minister of State for MSME and Hong Jong Haak, Minister of SMEs and Start-ups of Republic of South Korea jointly inaugurated India-Korea Technology Exchange Centre at National Small Industries Corporation (NSIC).

An MoU was also signed between Small Business Corporation (SBC)of South Korea and NSIC for cooperation in the field of MSMEs.

The SBC will mobilize the South Korean MSMEs for technical and business alliances with their counterparts in India and organize partner matching events in Korea for Indian delegations.

Speaking at the occasion, Singh said that this will create a new era of association between India and Korea in the field of growth of MSMEs.

He said that the purpose of this India-Korea Center is to build a platform for Micro, Small and Medium Enterprises of India and Korea where they can be assisted to identify and exchange latest technologies, share management expertise, product development, and technology applications for productive development.

Further, he added that this center will work towards creating a reliable alliances not only in above mentioned areas but also in Space, Solar Energy, Nano technologies and some other up- coming technologies.

Speaking on the occasion, Haak said that the Korea has strong industrial base with considerable well-developed SME sector especially in advanced manufacturing technologies such as Machinery and Equipment, Electronics, Electrical Machinery and Equipment Robotics etc.

He said that SMEs of both the countries can learn from each other to enhance their comparative advantages and be competitive in the world. 

On the occasion, AK Panda, Secretary MSME, informed that in today's competitive environment there is need to share the comparative advantage of MSME of different countries.

Highlighting the Indian competitive sectors like Auto components, Drugs and pharmaceuticals, Information Technology, Bio Technology, Agro and Food Processing etc, Panda said that this newly inaugurated Indo-Korean Technology Exchange Centre will help MSMEs of the both the countries to gain market access and avail business opportunities amongst them.

In this regard, Ravindra Nath, CMD, NSIC said that, NSIC and SBC have organized a Technology Exchange and Start-ups Conference where 18 SMEs from Korea in the field of IOT (Internet of Things), energy saving devices Healthcare Beauty care and Auto parts/light engineering sectors led by Minister of SMEs and Starts-ups of Korea participated.

Also to further create the space of collaboration in MSME sector, NSIC also organized one to one meetings for each of them with Indian Counterpart MSMEs.