CEPA expanded the bilateral trade and investment between India and South Korea: Mr Ahn Dukgeun

Addressing the Korea India Business Forum, Mr Ahn Dukgeun, Minister of Trade, Industry and Energy, Republic of Korea highlighted importance of high-tech industries such as semi-conductors and batteries in the manufacturing sector. CII in partnership with Korea International Trade Association (KITA) and the Herald Media Group, organised the 7th edition of India-Korea Business Partnership Forum on 22nd November 2024 in New Delhi. The forum coincided with KoIndex from 21-23 November 2024 and witnessed more than 150 participants from Korean industry with significant participation from Indian industry as well. Hon’ble Minister evinced that the discussions are underway for the Ministerial Level Korea India Industrial Cooperation Committee and highlighted the deregulation of custom procedures, and creating a predictable investment environment.

Mr. Dae Ja KIM, Deputy Minister Ministry of Trade, Industry and Energy highlighted the establishment of Korea-India Electronic Origin Data Exchange System (EODES), which enables the electronic submission of Preferential Certificate of Origin (PCO) and electronic Declaration of Origin, between the Republic of Korea and India. Mr KIM also emphasized on the upgradation of CEPA which will boost industrial and economic growth.

Ambassador of India to Republic of Korea Mr Amit Kumar in his address stated “We have initiated a bilateral technology dialogue with South Korea and a trilateral dialogue with the United States”. Ambassador mentioned that with US India has launched the trilateral policy planning dialogue with Japan. The two countries are deepening the consultations bilaterally as well as in regional and multilateral forums on issues like supply chains, critical minerals, cyber security, artificial intelligence, among others.

Ambassador underscored that “the first growing economy like ours also opens up prospects for collaboration and sectors such as construction infrastructure and logistics”. Mr Kumar then highlighted investment opportunities between India and Korea which reflects confidence in the mid to long term prospects of the Indian economy. Ambassador also highlighted that CEPA upgradation negotiations are concluded early with the objective of ensuring a fair balance and mutually beneficial trade.

Mr Sang Woo LIM, Deputy Chief of Mission, Embassy of the Republic of Korea in India highlighted that India and Korea partnership forum provides an opportunity to deeper relation between the two countries. Mr LIM also emphasized the economic partnership has deepened significantly over the 5 decades of relationship. He mentioned that the major Korean manufacturers have become a part of Indian households. Mr LIM underlined the complimentary strength of both the countries generated opportunity for both the countries.

Mr Lee Dohun, Mayor of Goyang City, Republic of Korea highlighted on economic and industrial growth between both the counties with qualitative and quantitative partnership.

Mr Siddhant KAUL, Chairman, CII Korea Council & Managing Director, Nicco Engineering Services Ltd at the India-Korea Business Partnership Forum emphasized on the focus of enhancing business cooperation between the two countries for strengthening the manufacturing sector including industry 5.0. He also underscored opportunities and strategies for Korean firms in the burgeoning India’s construction and infrastructure sector.

Mr Wonju JUNG, Chairman, Herald Media Group highlighted 51 years of relations between India and South Korea. Having a vision of strengthening relation more in future. 

Mr Ko Hyun KIM, Executive Vice President, Korea International Trade Association stressed on the importance of CEPA and Indian Government initiatives such as Make in India. He mentioned that the Korean industry partnered with local manufacturers and recommended the need to strengthen start-up ecosystem between India and Korea.

Mr Sung-Jung KIM, Vice Governor, Gyeonggi Province, Republic of Korea highlighted the strong relations between the two countries. 

22 November 2024

New Delhi