South Korean and Indian governments in talks to strengthen business ties more: Shin Bong-kil
NEW DELHI: The annual seminar organized by the Korea Chambers of Commerce in India (KOCHAM) in New Delhi on Friday witnessed an overwhelming participation of a huge number of representatives of Korean companies operating in India.
Supported by Korea International Trade Association (KITA), Korea Trade-Investment Promotion Agency (KOTRA), Presidential Committee on New Southern Policy and Embassy of the Republic of Korea in India, the 2020 KOCHAM Seminar & 2020 Government Budget Analysis’ attracted the participation of more than 100 representatives of about 70-80 Korean companies.
Industry experts including representatives of the consulting group Ernst & Young explained the Union Budget 2020-21 in simpler terms. The issues they addressed included Reviewing the new Budget of 20-21, Perspective of new year Indian Economy and analysis of it, Sharing the major changes in the new budget and getting Insight from it, and opening of communications channels for the new year between whole Korea expats community and industrialists in India.
Other topics discussed included economic slowdown, the shortfall in tax targets, pressure on fiscal deficit, lack of consumer demand and investment, and global environment.
In his address, Shin Bong-kil, Ambassador, ROK in India, encouraged and appreciated the Korean Industrialists in India who are making good progress in their businesses. The ambassador said that the partnership between the two countries is getting stronger every year, and the government sides of both countries are also very closely talking to each other to extend partnership further.
It is noteworthy to mention here that both the countries India and South Korean are committed to taking the bilateral trade from the current US $21 billion to the US $50 billion by the year 2030.
In his keynote speech, Euy Don Park, Chairman, Presidential Korean Associations in India informed the Korean business fraternity, “Global Economy is moving slowly across the world including Korea and India. But the bilateral trade between Korea and India is moving pretty nicely relatively. Also, investment from Korea to India is very much impressive now as quite many medium-sized Korean companies are setting up their manufacturing plants in cities like Great Noida in UP, in Haryana and in Gujarat, and these are set to get commissioned by the second half of this year.”
Moon Young Kim, President, KOTRA Southwest Asia, Head office said on the sidelines of the seminar that the decision of the Indian government to abolish the Dividend Distribution Tad (DDT) was a welcome step in the Budget.
“It will induce more investment from Korea especially the big Korean companies into India,” he added.
“KOCHAM seminar is held every year during this time to update the Korean companies about the changing business environment and other related challenges evolving in India. This is a very useful platform for the participants as experts from the industry offer solutions and address the queries of the companies,” said Hee-Chul Jung, Secretary-General, KOCHAM. He also happens to be the Chief Representative (Director), KITA in India.
The commerce department of Embassy of ROK would prepare a detailed report on the deliberations of the KOCHAM event and submit with the Presidential Committee on New Southern Policy.
