Biz Environment in 2024 challenging but we will sail it through together: KIM Eon-soo, KOCHAM Chairman & Hyundai India CMD

NEW DELHI: Korea International Trade Association (KITA) New Delhi successfully held the 2024 annual general meeting of Korea Chamber of Commerce in India (KOCHAM) India at the Gurgaon Le Meridien Hotel on Thursday, March 7, 2024. This year’s meeting was attended by a total number of 87 attendees which includes the ambassador of the Republic of Korea, businessmen, and executives and members of supporting organizations. Kocham India meeting was a place for active networking and provided various kinds of information to the gathered companies.

This year’s general meeting started with the opening speech of the chairman of Kocham India Kim Eon-Soo who is also the vice president of Hyundai Motors and CMD of Hyundai Motor India, and the ambassador of the Republic of Korea Chang Jae-Bok delivered a congratulatory speech. Chairman Kim Eon-Soo said that there will be uncertainties and various difficulties in the business environment this year but he expects that everyone will overcome and grow together through a cooperative network of Kocham India member companies, local companies, and government personnel.

Last year, Hyundai Motor India MD Mr. Kim took over KOCHAM as new chairman succeeding Kang Hyun Seok, VP of Samsung Electronics India. The official name of KOCHAM India is Korean Business Association in India, and it was founded in 2014.

Chang Jae-Bok said that in line with the changes in India’s international status, the Embassy of Korea will fully support Korean companies along with various public institutions, including Kocham India, to expand exchanges between Korea and India and promote the economy.

Related article: Under new leadership, Korean Chamber of Commerce KOCHAM to make it big in India this year

The chief representative of the Korea International Trade Association Lee Youngho promised to play an expanded role for Kocham India as a secretariat which includes strengthening policy-linked global economic activities, supporting companies entering India by strengthening communication with member companies, research on major trade and trade issues and strengthen policy recommendations, support for overseas expansion of new growing industries and establishment of an innovative ecosystem, and strengthening of communication with member companies by region/industry will be promoted.

The speakers gave presentations on various topics such as the India Economic Outlook for 2024, the introduction of Yashobhoomi Convention Center and KOINDEX, the measures to utilize human resources in India, the current status of GST issues for expatriates, and the support agencies business guidance.

The director of the Delhi office of KIEP, Dr. Cho Choongjae mentioned that India has forecasted GDP growth of 6-7% this year whereas the global economy is expected to remain uncertain, with a low growth rate.

Ryu Je-Won vice president of KINTEX, introduced the Yashobhoomi Convention Center, which has been officially opened and operated since last year, and asked for a lot of attention to KOINDEX, which will be held at the Yashobhoomi Convention Center in November this year.

Miss Kim Min-Young, a professor at the New Delhi Institute of Management, presented on the measures to utilize India’s youth talent covering characteristics, recruitment, and retention/ maintenance measures.

Miss Lee Ji-min, a national tax officer at the Embassy of the Republic of Korea shared about the current trends and responses of the issue of GST imposition for expatriates.

At last KOTRA and KOMSE presented about business guidelines and the 2024 Kocham India annual general meeting was successfully concluded with a networking luncheon with a lively atmosphere.