Korean govt asks its MSMEs to see emerging opportunities in India
Gurugram, June 12 (KNN) Looking towards increasing the Indian trade volume with Korea by multiple times, the Korean government has called upon its business and trade community to see emerging opportunities in India.
Addressing the gathering at ‘Korean Self Employed & MSME in India 2019’ workshop organized jointly by Korean Association in India and Korean Embassy in India here, the Ambassador of Korea to India, Shin Bong-kil said “Exerting towards this goal, Korea has already started working on making an ecosystem for the MSMEs in India.”
Referring to an article ’The idea of Modi’ published in a weekend special recently, he said that national development strategy rests on the East Asian growth model, which is largely Korea and Singapore.
The number of Korean SMEs doing business in India is increasing but we want more to come to India. However, many Korean companies in India are successful but others are facing hardship and need our assistance and we want to make them successful, said Euy Don Park, the Chairman of the Korean Association in India.
Speaking on the occasion, the President of Federation of Indian Micro and Small & Medium Enterprises (FISME), Animesh Saxena said that at the time when global economy fears a slowdown because of the US-China trade war, Europe’s BREXIT issue and ongoing Iran crises in Gulf, the two nations India and South Korea can march together and deepen economic and strategic cooperation.
He stated “Two countries are remarkably complementary to each other. India is the world’s fastest-growing economy and South Korea has the right kind of technology and services to offer. In 2017, our bilateral trade was US$ 20 billion with investment showing an upward trend. Both the sides have pledged to increase the trade by 50 billion by 2030.”
It is in our national interest to promote South Korean SMEs and help them set up joint ventures with Indian SMEs, he added.
In addition, he asserted “We are duty bound to offer all kind of assistance that is needed to make such formation in success, and we are happy to guide Korean SMEs to find the right partners and consultants and also brief them with the actual ground situation so that they can make informed decisions. We will introduce them with the social network so that they don’t feel out of place.”
Director of Korean Association in India Sung Chang, Hong said “Koreans should look at India as an emerging market, and should not be limited to Korean clients only.”