• KITA Held ‘2019 Korea-India Business Partnership’
    2019-10-25 hit 893

    KITA Held ‘2019 Korea-India Business Partnership’


    - Emphasized to integrate India’s Act East into South Korea’s New Southern Policy Need to stimulate economic cooperation with cooperation in new industries -


    The Korea International Trade Association (Chairman: Kim Young-ju) held ‘2019 Korea-India Business Partnership’ in New Delhi, India in cooperation with the Confederation of Indian Industry (CII) on October 24th (local time).

    The event was attended by 200 participants, including Han Jin-hyun, Vice Chairman of the Korea International Trade Association, Joo Hyung-chul, head of the Presidential Committee on New Southern Policy, Amitabh Kant, CEO of National Institution for Transforming India, Sanjay Chadha, Deputy Minister of Commerce and Industry of India and officials from Samsung Electronics, Hyundai Motor, Hyosung, Tata and Ashok Rayland. They discussed the ways to expand cooperation and exchanges in high-tech industries between the two countries. 


    Vice Chairman Han said in his opening speech, “Trade volume between the two countries last year amounted to 21.5 billion dollars and the number of mutual visitors was 310,000. As people, goods and capital are freely moving and influence to each other in a constructive way.” He stressed, “Korea and India are now indispensable partners, and this event will help reaffirm the importance of bilateral relationship and strengthen cooperation.”


    Joo Hyung-chul, head of the Presidential Committee on New Southern Policy, said, “The two countries have complementary technologies and industrial structure. There are many areas where cooperation can take place, from manufacturing and infrastructure to startups and the digital economy.” He also added, “Since business people have taken the lead in building bilateral cooperation, the government will strengthen its support in the future.”


    Cho Eui-yun, a researcher at the Korea International Trade Association, pointed out in his presentation, “In order to strengthen bilateral economic cooperation, we need to discuss expansion of the list of items for tariff concession, deregulation of rules of origin, cooperation in new industries such as information and communication technology (ICT) and bio healthcare by revising the Korea-India Comprehensive Economic Partnership Agreement (CEPA).”


    At the forum, more than 10 presentations, including how to combine India's Act of East Policy with Korea's New Southern Policy, India's digital revolution, eco-friendly transportation, and startup ecosystem, were delivered.


    An officer from New Delhi branch of the Korea International Trade Association said, “It is true that the growth has been slowed down as the bilateral trade from the beginning of this year to September decreased 0.2 percent year-on-year to 159.31 million dollars.” The official added, “Traditional manufacturing industry exchanges are still active, but cooperation in high value-added industries such as startups and ICTs must be strengthened to give new impetus to bilateral economic cooperation between Korea and India.


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