Korea-India Business Partnership Forum Marks New Era of Collaboration

The Korea-India Business Partnership Forum, held on November 22, 2024, in New Delhi, celebrated 51 years of diplomatic relations between Korea and India. Over 600 attendees, including government officials, business leaders, and cultural ambassadors, gathered to discuss the future of bilateral trade and cooperation. Co-hosted by Herald Media Group, the Korea International Trade Association (KITA), and the Confederation of Indian Industry (CII), the forum aimed to strengthen ties between the two nations and explore new opportunities for collaboration in key sectors such as manufacturing, construction, and finance.

Jung Won-ju, Chairman of Herald Media Group, opened the forum by highlighting India’s ambitious economic goals. He noted that India is aiming to become the world’s third-largest economy by 2030, creating vast opportunities for cooperation between Korea and India. He emphasized that both countries could benefit immensely by collaborating in industries such as infrastructure, manufacturing, and financial services. The Chairman’s remarks set the tone for the event, focusing on long-term economic prosperity and shared goals.

One of the most significant moments of the forum was the signing of a Memorandum of Understanding (MoU) between Herald Media Group and the Federation of Indian Micro and Small & Medium Enterprises (FISME). The MoU aims to foster trade, innovation, and business development between small and medium-sized enterprises (SMEs) in both countries. This collaboration is expected to drive economic growth by creating a framework that supports entrepreneurial exchange, technological innovation, and market expansion.

During the forum, several prominent industry leaders shared their experiences and insights into India’s growing market. Chun Sang-pil, Senior Vice President of Samsung Electronics South Asia, discussed the company’s successful strategy in India, particularly in terms of leveraging India’s position within the global supply chain. Samsung has established one of the largest mobile manufacturing facilities in Noida, Uttar Pradesh, underscoring the importance of India as a key manufacturing hub.

Tarun Garg, Chief Operating Officer of Hyundai Motor India, shared his perspective on the company’s growth in India. Garg highlighted how Hyundai’s focus on understanding the Indian market and catering to local needs has helped the company achieve significant success since its entry into India in 1986. Hyundai’s continued expansion in India reflects the country’s importance as a key player in the global automotive industry.

Shrinivas Khanolkar, Chief Marketing Officer of Mirae Asset India, provided insights into the investment opportunities in India’s rapidly growing financial sector. He explained that India’s dynamic market and growing middle class present significant opportunities for investment, particularly in areas such as mobile securities and wealth management.

The forum coincided with the Korea-India Industrial Exhibition (KoINDEX), which attracted over 100,000 visitors. The exhibition highlighted the economic capabilities of both countries, showcasing innovations in manufacturing, construction, and finance. It provided a platform for businesses from both nations to network and explore collaboration opportunities, further solidifying the potential for bilateral trade.

The event also included recognition for cultural ambassadors who have played a significant role in fostering cultural exchange between India and Korea. Actress Anushka Sen was one such honoree, receiving recognition for her efforts in promoting cross-cultural understanding and strengthening the relationship between the two nations.

In conclusion, the Korea-India Business Partnership Forum marked the beginning of a new era in bilateral cooperation. The forum’s discussions and agreements set the stage for future collaborations across multiple industries, with the aim of enhancing economic prosperity and strengthening ties between Korea and India.