India, being one of the fastest-growing economies, is rapidly emerging as a next-generation global manufacturing hub. The Government of India has undertaken various steps to promote the manufacturing sector and to boost domestic and foreign investment in India.
Korea is excelling in the most sought-after sectors of today: EV, ICT and Carbon Neutral (Green Industries) and numerous Korean companies are already emerging as key players in India’s manufacturing industry.
Korea and India have a strong economic partnership that is rapidly expanding. According to data from Korea's Ministry of Trade, Industry, and Energy (MOTIE), Korea's trade volume with India in 2022 reached a record high of $27.8 billion increased by 17.3% from the previous year's total of $23.7 billion (in 2021). It was the largest trade volume between the two countries on yearly basis as both exports and imports increased significantly. Korea's exports to India increased by 21.0% to $18.9 billion, while imports increased by 10.5% to $8.9 billion.
According to the Export-Import Bank of Korea, Korea's investment in India in 2022 (as of January-September) increased by 54% year-on-year to $348 million, showing a gradual recovery after the pandemic. Apart from previous major investment of manufacturing industries such as electricity, automobiles, and chemicals, new trend of investment expends various fields such as food, textiles and diagnostic kits.
The event aimed to create opportunities for joint ventures, strategic partnerships, and investments by exploring new avenues of collaboration in the future industry sector (EV, ICT & Carbon Neutral (Green) Industries).
The event featured participation from around 150 Korean and Indian participants, high-level keynote speakers, Government policies presentation by eminent Government and Industry Experts from India and Korea that will provide valuable insights into the latest trends and developments in the industry.
The forum was graced by Korean Ambassador to India, H.E Chang Jae-bok and Executive Vice President for Economic Cooperation & Trade Affairs, KOTRA, Mr.Taeho Kim.
Executive Vice President for Economic Cooperation & Trade Affairs, KOTRA, Mr. Taeho Kim's remarks were a testament to the longstanding and fruitful diplomatic and trade relations between India and Korea. ‘’As we move forward, we must prioritize cleaner energy and focus on SDGs, which are the need of the hour. I believe that both countries will continue to work towards achieving these goals and take our collaboration to new heights. Together, we can create a more sustainable and prosperous future for our nations and the world."
Korean Ambassador to India H.E Chang Jae-bok in his opening remarks said ‘’It is with immense gratitude that I thank all the participants of Kotra for coming together to celebrate the 50-year milestone of our diplomatic relationship. As we move forward, India and Korea must focus on the critical issue of green energy and learn from each other's strengths. Green energy, hydrogen energy, and EVs are the future, and Korea's leadership in producing EVs since 2005 is an excellent example for India. Through collaboration and cooperation, we can further emphasize the importance of adopting green energy and work towards achieving the sustainable development goals that both countries are committed to. With combined efforts, India and Korea can pave the way for a greener future and achieve greatness together.’’
Momentous welcome remarks were delivered by Mr. Amitabh Kant, G20 Sherpa of India through his video presentation “India's rapid economic growth is paving the way for a brighter future, and we are poised to become the 3rd largest economy by 2030. As India takes on the G20 presidency, we aim to bring together countries to promote sustainable development goals that will benefit not only India but the world. Our belief in 'One World, One Family' drives us to contribute towards SDGs and promote sustainable practices that will enable future generations to live a greener and cleaner life. Through our efforts, we can create a more sustainable world that is harmonious and equitable for all.
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