India & Korea: Towards a New Dawn
Author: Korea Plus
India and the Republic of Korea historically share a strategic economic and cultural relationship. In the last four years, this relationship has only intensified. Recent visits by the Heads of States of both countries have reiterated their commitment to leveraging this partnership to foster mutual growth. To take India-Korea bilateral relations to the next level, our Hon’ble Prime Minister Mr Narendra Modi, visited the Republic of Korea earlier this year.
India-Korea Business Symposium
In honour of our Prime Minister’s visit, the India-Korea Business Symposium was hosted by Invest India and the Korean Chamber of Commerce and Industry in Seoul. Over 400 senior Korean business leaders, including corporates like CJ Group, Hyundai, Youngone Corporation, Samsung, LG, Lotte Group, SK Group and Hyosung were present.
Chaired by our Hon’ble Prime Minister, the Symposium’s Chief Guests also included Mr Yunmo Sung, Korean Minister of Trade, Industry and Energy and Mr Kong Young Woon, President of Hyundai Motor.
Mr Deepak Bagla, MD & CEO, Invest India, presented India’s transformative growth story at the Symposium, congratulating the Korean business community on their success in India and presenting expansive opportunities in New India.
Mr Modi also launched the India-Korea Startup Hub. This Hub, formalised by Invest India and KOTRA, will enable startups, innovators and investors of both countries to connect and work together to build innovative solutions for global challenges. Through this Hub, he also launched a Grand Challenge for startups – focusing on issues related to Cyber Threat, Analytics and Rural Healthcare. The State Bank of India and the Mahindra Group will be mentoring this and will be providing pilot project opportunities along with financial support to the winners.
Extension of Korea Plus MoU
During this commemorative visit, the MoU for Korea Plus, signed between the two nations was also extended. Since the announcement of Korea Plus in 2015, it has established itself as the one-stop shop for Korean investors in India, facilitating over 100 business requests. This bilateral initiative has been instrumental in bolstering the India-Korea economic relations and promoting the ease of doing business in India for the Korean business community.
Korea Plus Outreach
On the sidelines of the Prime Minister’s visit, Invest India also facilitated stakeholder discussions for Korean investors in the focus sectors of Automotive, Electronics and Startups. The Automotive and Electronics roundtables provided a platform for Korean component manufacturers to discuss their investment plans in India and have their issues addressed by senior representatives of the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India.
At the Venture Capital Roundtable, models of engagement with startups in India to fuel the Korean VCs deal flow and source innovative startups aligned with their strategic goals were discussed.
Four roundtables, six hours, eight industry speakers and 65 corporate participants from 50 companies – perfectly encompassed Korea Plus’s targeted outreach efforts to promote and handhold Korean investments into India. Korea Plus has established itself as the nodal agency to drive and execute Korean investments in India and has solidified its position as the ‘Gateway for Korean Investors in India’.