K-SS Day 2026: FISME Calls for Greater MSME Integration into Supply Chains to Boost India-South Korea Trade

New Delhi, Nov 2 (KNN) The Korea SMEs and Startups Agency (KOSME India) organised K-SS Day 2026 – Korea SMEs and Startups Day on October 30 in Gurugram to showcase Korean small businesses, startups and products and promote business collaborations between Indian and South Korean enterprises.

The event aimed to provide Indian companies, micro, small and medium enterprises (MSMEs) and entrepreneurs with opportunities to explore partnerships with participating Korean businesses and strengthen bilateral trade ties.

KOSME is a non-profit, government-funded organisation established to implement government policies and programmes for the growth and development of Korean SMEs.

Greater MSME Participation in Bilateral Trade

Addressing the event, Federation of Indian Micro and Small & Medium Enterprises (FISME) Past President SK Jain said MSMEs were placed at the centre of the India-South Korea partnership vision, with an MoU on SME cooperation, a dedicated Korean Industrial Township in India and an agreement on digital payment integration aimed at facilitating cross-border business.

He noted that FISME continues to work with the Korean SMEs Association in India (KOSMA) to support the entry and growth of Korean SMEs in India, while partnering with KOSME on market-entry and networking initiatives such as GoBizKOREA. Through an MoU with the Yangsan Chamber of Commerce and Industry (YCCI), FISME is also working to build direct business ties between entrepreneurs in both countries.

“For several years, our bilateral trade has stayed within a narrow band of 25 to 28 billion dollars, and India's trade deficit with Korea has widened. The 50-billion-dollar goal will not be reached by large corporations alone. It will be reached when thousands of Indian MSMEs become suppliers in Korean value chains, and when Korean SMEs manufacture in India, with India, for the world. That is how trade grows — and how it becomes balanced,” Jain said.

India-Korea-ASEAN Corridor Offers Opportunities

Highlighting the wider regional trade opportunities, he noted that both India and South Korea have free trade agreements with ASEAN. India-ASEAN trade reached USD 128 billion in 2025-26, accounting for around 11 per cent of India's global trade, while the review of the ASEAN-India Trade in Goods Agreement is progressing with time-bound deliverables.

Jain said an India-Korea-ASEAN corridor could allow Korean SMEs investing in India to access both the Indian and wider ASEAN markets.

“For this to work effectively, trade agreements must incorporate practical rules of origin that reward genuine value addition, faster customs procedures, recognition of electronic trade documents and simpler processes to help MSMEs use available trade preferences,” he added.

Representing FISME, Jain urged both governments to ensure that the upgraded India-South Korea Comprehensive Economic Partnership Agreement (CEPA) and the reviewed ASEAN-India agreement include a strong MSME focus, with institutions such as FISME, KOSMA and KOSME helping businesses understand and utilise the agreements.

(KNN Bureau)