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Tuesday, April 20th, 2021

Korean entrepreneurs keen to forge ties with Northern India Counterparts – Choi

Members of Korean delegation with Indian counterpartsM.M.Khanna, INVC, Chandigarh, “Korea is particularly keen to forge business ties, Joint Ventures (JVs), Partnerships, Mergers and develop other inter trade mechanisms like appointing dealerships and distributor channels with the industrialists from Northern India, especially Chandigarh and Punjab region, considering the immense potential in this region for Korean technologies and products and a large number of MSMEs here”, emphasised Mr Dongseok Choi, Director General, KOTRA (South Korea Trade Promotion Agency, the umbrella agency of the Korea's Ministry of Commerce, Industry and Energy) while addressing the India – Korea Business Matchmaking Symposium organised by Confederation of Indian Industry (CII) at its Headquarters in sector 31, here today. “In the recent years northern states of India have emerged as a prime focus area for us as the number of MSMEs here has grown tremendously. With such symposium, we look forward to establish more joint ventures and mutually beneficial alliances with the MSMEs and SMEs of this region”, he further shared.  “The 21st century is the Asian century and countries like India and Korea will play an important role as growth engines of the Asian economy if they collaborate and meet each other’s demands, hence we are here to further the ties, considering the capabilities and demand in the region. Today’s Symposium helped Korean entrepreneurs to explore the possibilities of Business Alliances like Direct Export, Joint Venture, Appointing dealers & distributors, M&A (Mergers and Acquisitions) etc”, he further highlighted.  “India-Korea Comprehensive Economic Partnership Agreement (CEPA) has the potential to take bilateral trade relations between the two countries to new heights and Korea would help India in achieving $30 billion trade target by 2014 and $40 billion by 2015. Korea would like to partner India in its quest for economic development”, he added. At the same time he called for lowering of entry barriers for Korean companies willing to invest in India to facilitate investment by Korean companies. Mr Man Mohan Singh, Chairman, CII Chandigarh Council, said that more than 100 B2B meetings were held and proposals and partnerships worth crores were discussed between CII members from the region and Korean companies including HM Digital, EM Tech, S-Form,Daehan Lockers,Semihow, MTEX,KD One, Hansung Medical,Printech KR etc. The local entrepreneurs benefitted immensely from the Korean latest technologies, products and best practices and were very keen to join hands with the Korean counterparts to expand their businesses. Mr Pikender Pal Singh, Regional Director, CII NR mentioned that “CII upholds the value of sharing best practices and today’s Symposium was one such initiative. It highlighted the key factors like partnerships, M&A support, sales, production and network expansion between Korea and India, which would help in creating a conducive environment for local businesses and help them expand.”  “The key sectors that emerged for trade included Semi-conductors, TDS/HP/ORP water testing meter, Laser Marking Machine, Semi-conductors, Furniture, Hi Tech Digital Lockers, Machinery, Transformers, Steel, Stone Coated Metal Roof Tiles, Aluminum Form Work, , IT & ITeS, Paper, Stone, Synthetic fiber, auto-parts, telecommunication equipment and electronics etc”, Mr Singh further added.  Calling South Korea as one of the safest investment zones in the world, Mr Sumit Kumar Singh, Marketing Manager, KOTRA said “The steadily growing economy and favorable geographic location of South Korea makes it one of the most investment friendly countries. The government of South Korea offers investment incentives to companies located in Foreign Investment Zones, Free Economic Zones, Free Trade Zones. Incentives include the long-term lease of land (for 50 years), tax exemptions and deductions. Under the Special Tax Treatment Control Law (STTCL), new foreign investment companies are entitled to a full corporate tax exemption for the first 5 years from the fiscal year in which taxable income is generated & a 50 % exemption is given for next two years. In addition, FIPA (Foreign Investment Promotion Act) sets the initial investment procedures for facilitating different types of foreign investments”.  Giving information about KOTRA, he said “KOTRA is Korea’s national trade promotion organization. It serves as a bridge between Korean companies and potential partners overseas, including the US, through matching companies that would be the most appropriate and mutually beneficial business partner. It also organizes and hosts international exhibitions and cyber business centers designed to connect Korean companies with overseas markets and suppliers.”

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