India and Republic of Korea (RoK) share long standing economic ties. Bolstered by regular two-way political exchanges at the highest levels, the economic partnership has flourished and today, plays a central role in the overall engagement of the two countries. The historic Comprehensive Economic Partnership Agreement (CEPA) between India and Korea which was signed in 2009 and further reviewed and upgraded in 2018 gave an impetus to the bilateral relationship and expanded economic and commercial relations between the two sides.
ROK companies have been proactive in the Indian market, with a long-term strategy; similarly, Indian companies have found lucrative opportunities in ROK, investing in key resources and sectors. At the same time, the potential of bilateral economic engagement remains immense, with India as a rapidly expanding large economy set on a path of definitive economic reforms and ROK as a vibrant and innovative economy with a strong global footprint.
The CII report on Korea provides a guide to Korean companies in doing business with India, covering the current investment and trading environment. Using an innovative tool developed by CII, the report identifies products of high potential for Korean companies to source from India at the HS 6-digit level that would best align with Korea’s import profile.
The report also outlines market access environment in Korea that would enable Indian companies to expand their marketing effort for key export goods. Further, given that South Korea is a strong participant in global value chains, the CII paper specifies which of the identified export items produced in India can fit into Korea’s global value chain. The identification of these products is a key offering of the report.
The report elaborates on sectors in India where Korean investors can be attracted in greater numbers. Collaborations between businesses of both countries in new and emerging technologies where Korean companies can invest in India are suggested as a guide.
A major feature of the report is the section on investment climate in Indian states where Korean businesses can expand their investments across different sectors. The CII report provides details of the investment climate in 6 Indian states.
The content of the report covers:
Economic conditions in both countries
Comprehensive Economic Partnership Agreement
Trade and potential goods for trade using CII model
Potential for partnerships in Global Value Chains
Areas of cooperation including sectoral opportunities, covering manufacturing, IT and electronics, infrastructure, emerging sectors, etc.
Regional perspectives with focus on most attractive states
Business climate in India and Korea
CII services for supporting trade and investment
The objective is to bring new information and insights for Indian and Korean businesses to develop opportunities with each other for benefits to both sides in this key global partnership.