50th Anniversary of Korea-India Diplomatic Relations
Over 100 Korean Businesspeople Including Hwang Jin-gu, CEO of Lotte Chemical
Heads of Korean Branches of Major Indian Companies Including Tata Consultancy Services Attend
On the 24th, marking the 50th anniversary of diplomatic relations between Korea and India, business leaders from both countries gathered at the Korea Chamber of Commerce and Industry in Seoul for the 'India Investment Forum' and agreed to strengthen cooperation in supply chains and advanced technology sectors.
Subrakhant Panda, President of the Federation of Indian Chambers of Commerce and Industry (FICCI), said in his opening remarks, “Based on Prime Minister Modi's vision of India entering the ranks of developed countries within the next 25 years, India is expected to become the world's third-largest economy within 10 years,” emphasizing, “The next 30 years will be a time to write India's growth story, so if Korean companies want to grow, they should partner with India.”
Shailesh Patak, Secretary General of the Federation of Indian Chambers of Commerce and Industry, who presented at the forum, identified semiconductors, digital technology, artificial intelligence (AI), and defense as key areas for cooperation with Korea under the theme ‘Current Status of Korea-India Economic Cooperation and Future Business Opportunities.’
Secretary General Patak stated, “With the Indian semiconductor market expected to grow from $15 billion to $63 billion by 2026, India will become a global semiconductor hub with Korean support,” adding, “In fintech and AI sectors as well, private sector cooperation is needed for knowledge and technology exchange.” He also noted, “India is the world’s fourth-largest producer of renewable energy,” and expressed hope that “through future eco-friendly technology cooperation, both countries can jointly respond to climate change and become leverage for each other not only in production, infrastructure, and supply chains but also in the utilization of advanced technology in the defense sector.”
The Korea Chamber of Commerce and Industry and the Federation of Indian Chambers of Commerce and Industry held the "India Investment Forum" on the 24th at the Korea Chamber of Commerce and Industry's international conference hall under the theme "The Era of Asia and Partnership Opportunities to Strengthen Korea-India Business Cooperation." The photo shows President Yoon Suk-yeol listening to Indian Prime Minister Narendra Modi's remarks during the Korea-India summit held at a hotel in Hiroshima, Japan, where he visited to attend the G7 summit on the 20th. Photo by Yonhap News
Following the presentations, a panel discussion on ‘The Era of Asia and the Future of Korea-India Partnership’ was held to discuss sustainable future cooperation agendas. Participants included Ashok Malik, Partner at The Asia Group (moderator); Joseph Yun, Senior Advisor at The Asia Group and former Special Envoy for the U.S. Government’s North Korea Policy; Shin Bong-gil, Chairman of the Korea Foundation for International Economic Cooperation and former Ambassador to India; Amit Kumar, Indian Ambassador to Korea; and Choi Jun, Vice President of SK, who evaluated the economic cooperation achievements over the 50 years of diplomatic relations and discussed new cooperation agendas between Korea and India in the era of global supply chain restructuring.
Park Jun, Team Leader of the Asia Trade Team at the Korea Chamber of Commerce and Industry, said, “Since establishing diplomatic relations in 1973, India has grown continuously and is becoming an increasingly important core partner for Korea,” adding, “As the Indian government focuses on manufacturing as well as digital and defense industries, there will be many opportunities for Korean companies to enter these sectors, so businesspeople should pay attention and prepare accordingly.”
Seoul Jung-gu Korea Chamber of Commerce and Industry building exterior [Photo by Korea Chamber of Commerce and Industry]
Meanwhile, about 100 businesspeople interested in India business attended the forum, including Kim Jong-chul, Director General of Trade Cooperation at the Ministry of Trade, Industry and Energy; Hwang Jin-gu, CEO of Lotte Chemical; Shin Seung-kyu, Executive Director of Hyundai Motor Company; and Choi Jun, Vice President of SK. On the Indian side, attendees included Subrakhant Panda, President of FICCI; Amit Kumar, Indian Ambassador to Korea; and heads of Korean branches of major Indian companies such as Tata Consultancy Services, India State Bank, Novelis, and Air India.
The Federation of Indian Chambers of Commerce and Industry was established in 1927 at the suggestion of Gandhi to counter British capital. Centered on about 83,000 member companies, it supports business policy proposals, provides global economic and trade information, and promotes investment activities of foreign companies in India. The Korea Chamber of Commerce and Industry established an Economic Cooperation Committee with FICCI in 1977 and has been promoting various cooperative projects to activate exchanges at the private sector level.
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