Leap Forward as an Export Hub for Third Countries
Expanding Opportunities for Korean Companies
The Korea Trade-Investment Promotion Agency (KOTRA) is providing an opportunity for domestic auto parts companies to explore the potential of entering the Indian market, which is emerging as a next-generation global automobile production base.
KOTRA announced on the 3rd that it will hold the "Korea-India Future Automobile Partnering Plaza" in Chennai, India on the 4th. This event is the flagship project of KOTRA's Southwest Asia Regional Headquarters and is the only automotive cooperation program in India. Through collaboration among its Southwest Asia trade offices, KOTRA has attracted global original equipment manufacturers (OEMs) and Tier 1 and Tier 2 buyers. One-on-one export consultations will be held between 10 Indian OEM companies, including global companies such as Renault-Nissan and local brands such as Mahindra, and 30 domestic companies. In addition, a strategy seminar will be held to discuss approaches for targeting the Indian market.
KOTRA will hold the "2025 Korea-India Future Automobile Partnering Plaza" in Chennai, India on the 4th. The photo shows the "2024 Korea-India Future Automobile Partnering Plaza" held in 2024. Photo by KOTRA
This year, the Automotive Component Manufacturers Association of India is participating for the first time, adding significance to the cooperation between the Korean and Indian automotive parts industries. Invest India (the federal investment promotion agency of India), Tamil Nadu Guidance (the investment promotion agency of Tamil Nadu State), and others will also participate, hosting seminars to introduce investment incentives and corporate cooperation measures.
India, with a population of 1.4 billion, is a large domestic automobile market, recording annual passenger car sales of 4.3 million units. From April 2023 to March of last year, India's total auto parts exports reached $21.2 billion, highlighting its status as a global export production base. In particular, from April 2024 to March of this year, India's passenger car exports reached a record high of 770,364 units, a 15% increase compared to the same period of the previous year.
Kang Kyungsung, President of KOTRA, stated, "The Indian automobile market is not only the third largest in the world, but is also emerging as a global export production hub. We hope this event will serve as an opportunity for domestic auto parts companies to secure business partners among global OEMs and promising local companies in India, and to expand exports to India and third countries."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
