KOTRA forum to promote Korea-India business cooperation

The state-run Korea Trade-Investment Promotion Agency said Sunday it will be holding an extensive Korea-India business forum this week, in line with Seoul’s initiative to expand beyond its conventional trade partners.

Co-hosted by the Korean Embassy in India and the Presidential Committee on New Southern Policy, the event is to focus on the “3P” values of people, peace and prosperity, officials said. Some 540 companies and 800 individuals are expected to attend the affiliated sessions that take place both in India and in Korea.

On Thursday, KOTRA’s New Delhi office will hold an export counseling session, inviting 30 Korean consumer goods companies and 120 Indian buyers.

It will also be operating a Hallyu booth jointly with the Korean Cultural Center and Korean Tourism Organization, with food tasting events and K-pop performances.

Similar buyer sessions will also be held in other regions such as Chennai and Bengaluru.

Inviting global investors such as HSBC, Future Group and Deloitte, Korean tech-based startups will hold an investment counsel with some 70 local venture capitals in New Delhi and Bengaluru. On the sidelines, participating startup officials and outbound Korean investors will be offered field trips to selected Indian startups so that they may better understand local industries.

The bilateral trade volume between Korea and India has taken a visible upturn over recent years, following President Moon Jae-in’s visit to India in July last year and Indian Prime Minister Narendra Modi’s visit to Seoul in February this year.

The on-year growth pace, however, came down to 2.1 percent as of July, down from 5.4 percent in the first quarter and 4.5 percent in the second quarter, reflecting slowing momentum.

“With nearly 55 million viewers of (popular TV drama) “Descendants of the Sun” and over 4,000 applicants in K-pop contests, India has a strong growth potential for Hallyu,” KOTRA said in a release.

“This cultural wave has led to favorable market responses for Korean consumer goods as well.”

Also, India’s defense market offers new opportunities for Korea, which has been seeking for new markets and new industrial growth engines, the agency added.

India currently stands as the world’s fifth-largest by defense budget, second in defense import volume and third in military force size.

Following the summit-level agreement to enhance bilateral partnership in the defense sector, senior government officials have been meeting not only on trade agendas but also on long-term cooperation in defense technology R&D.

Further expanding the bilateral economic cooperation agenda, KOTRA will also hold job fairs in key universities across Korea for students potentially interested in taking an overseas job in India.

“The 3P values are crucial for the sake of mutual growth in trade,” said Kwon Pyung-oh, KOTRA president and CEO.

“We will continue to look beyond mere business profits and to seek for sustainable common prosperity.”

By Bae Hyun-jung (tellme@heraldcorp.com)