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Korea-India Business Forum

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KCCI hosts Korea-India Business Forum, promise made to create link between Korea’s New Southern policy and India’s Act East policy

The Korea Chamber of Commerce & Industry (KCCI, chairman: Yongmaan Park) and the Federation of Indian Chambers of Commerce (FICC, president: Rashesh Shah) jointly hosted the Korea-India Business Forum on July 9 at the Taj Diplomatic Enclave Hotel in New Delhi.

The form was timed to coincide with South Korean President Jae-in Moon’s state visit to India. Moon attended the forum to offer encouragement to businesspeople of both countries.

The forum was attended by over 100 people on the Korean side, including KCCI Chairman Yongmaan Park, Hyundai Motor President Jin-haeng Chung, SK Lubricants CEO Dong-seob Jee, LG Electronics President Seung-kwon Ahn, Lotte Foods CEO Jae-hyeok Lee, GS Caltex Chairman & CEO Hyung-kook Kim, Hanwha Defense Systems CEO Sung-soo Lee, Doosan Group Vice Chairman Hyun-soo Dong, CJ Logistics CEO Geun-tae Park, and Korea Employers Federation Chairman Kyung-shik Sohn.

The Indian side was comprised of over 250 individuals, including FICC President Rashesh Shah, Mahindra & Mahindra President Pawan Goenka, Nico Group Chairman Rajiv Kaul, Xpro India Chairman Siddhesh Bura, Bharat Hotel Chairman Jyotsna Suri, Confederation of Indian Industry President Rakesh Bharti Mittal, and Assocham President Sandeep Jajodia.

- Chairman Yongmaan Park: “Korean and Indian businesspeople must come together to engage in free bilateral trade and investment and pursue the infinite possibilities of collaboration (e.g. joint investment and joint entrepreneurship).”

In his opening remarks at the forum, KCCI Chairman Yongmaan Park said, “New foreign policies are being introduced in Korea, and the creation of a Korea-India business community remains a critical task for the future. Our role will be especially important in the realization of ‘joint prosperity,’ which is one of the pillars of the South Korean government’s New Southern policy.”

Park urged both Korean and Indian businesspeople to keep two points in mind. First, regarding the expediting of free trade and investment, he said, “While working hard to revise CEPA, both countries are participating in discussions on local economic integration in the Asia-Pacific region and policy cooperation at the G20 level. It is my hope that we can find common ground upon which to ensure the success of these efforts.”

Park also called for the cooperation of local businesspeople. He said, “I want to find reliable partners so that we can create a ‘virtuous cycle’ of joint business cultivation and establish local connections. Many of the Korean corporations here today are eager to engage in joint and strategic investments. I believe there is great potential for cooperation, as evidenced by the rapidly increasing demand for bilateral cooperation on new projects, such as joint entrepreneurship.”

- President Rashesh Shah: “Indian businesspeople are enthusiastic about cooperating with Korea following the linking of Korea’s New Southern policy and India’s Act East policy.”

FICC President Rashesh Shah said in his remarks that he is very hopeful that a new era of cooperation will be opened up by Korea and India. President Shah said, “President Moon Jae-in’s first state visit to India marks the beginning of a strong cooperative relationship between our two countries. Since Prime Minister Narendra Modi’s visit to Korea in 2015, two-thirds of India’s key ministers have visited Korea, representing our great hope for the relationship between our countries.”

Shah also said, “The linking of Korea’s New Southern policy and India’s Act East policy has made Indian businesses more enthusiastic than ever about working with Korea. Through the implementation of the ‘Make in India’ policy, which mirrors efforts made by Korea in its recent history of national development, we have been able to increase foreign investment in India and are rapidly revitalizing our manufacturing sector in areas such as automobiles, electronics, textiles, construction, and infrastructure.”

- Presentations on Indian investment attraction policy and business opportunities, future of bilateral economic cooperation, and cooperation regarding the Fourth Industrial Revolution

The presentations began with KIET (New Southern Policy and Direction of Korea-India Economic Cooperation) and India’s Department of Industrial Policy & Promotion (India’s Investment Attraction Policies and Industrial Plans). These were followed by presentations under the theme of “Development and Business Plans for the East Coast Economic Corridor” by representatives from the Asian Development Bank, Arunachal Pradesh Chamber of Commerce and Industries, and West Bengal Chamber of Commerce and Industries. Samsung Electronics and Mahindra & Mahindra gave a presentation entitled “The Future of Korea-India Cooperation amid the Fourth Industrial Revolution.”

A KCCI spokesperson said, “India is not only a key nation of the New Southern policy but also a land of opportunity that is undergoing rapid economic growth and encompasses immense markets. The Korea Chamber of Commerce & Industry will be actively supporting exchanges between businesspeople of both countries as well as business endeavors that promote the revitalization of trade and investment.”