Korean Govt-led trade delegation meets Sikkim Chief Minister, Commerce minister to explore investment avenues
The two sides explored the possibility of collaboration between the Korean companies and the state in renewable energy, pharmaceuticals, food processing, and tourism sector in Sikkim.
New Delhi: Sikkim, the North Eastern state of India has finally attracted the attention of South Korea that is keen on exploring investment opportunities in multiple sectors including renewable energy, pharmaceutical, food processing, tourism, and other sectors here.
In the first-ever visit to the North-east region of India, a high-level delegation of senior officials of the Embassy of the Republic of Korea, Korean Trade-Investment Promotion Agency (KOTRA), and Korea- Startup Centre, K-sure, and Korea India Research & Innovation Center (KIRI) met Sikkim Chief Minister Prem Singh Tamang, and commerce and industry minister Bedu Singh Panthin Gangtok on Friday.
The delegation was led by Kwang Seok Yang, the Commercial Attache, the Embassy of the Republic of Korea.
The Korean delegation mentioned during the meeting that Korean companies from India as well as from Korea would be interested in investing in Sikkim for reasons such as availability of skilled manpower and efficient talent pool, raw material, proximity with the East Asian countries, and markets, etc.
According to Kwang Seok Yang, the Commercial Attache, the Embassy of the Republic of Korea, “Korea has invested mainly in automotive, electronics, and chemical sectors since the 1990s and now expands its interest to various industries such as pharmaceutical, energy, organic farming, food processing, and tourism. I hope Sikkim is exposed to more Korean companies after this visit.”
Moon Young Kim, the Managing Director of KOTRA South Asia Region said, “Korean companies tend to be bold and try to be preemptive, so Sikkim can be one of the favorable destinations considering its various potentials.”
“Based on this, we shall explore multiple opportunities with Korean companies operating in areas like renewable energy, pharmaceuticals, organic farming, food processing, and other sectors. We can leverage each other’s strength for mutual benefit,” he added.
The delegation discussed economic and bilateral cooperation between Korea and the Sikkim Government in renewable energy projects in the State as it has huge potential for power generation, which is largely untapped. The two sides also explored the possibility of collaboration between the Korean companies and the state in several other sectors such as pharmaceuticals, food processing, organic farming, and tourism
Korea is among major investors in India with Korean companies present in both consumer and manufacturing sectors. KOTRA wishes to further enhance the bilateral trade between the two countries.
The Korean mission also donated Korean-made protection masks and thermometers to the Health & Family Welfare Department. Among them, 3D printing masks, which ICT Device Pangyo FAB/Songdo LAB provided, drew attention as these are reusable by changing filters and designed to minimize fatigue even when used for a long time.
About KOTRA:
Korea Trade-Investment Promotion Agency (KOTRA) is the Trade Office of the Embassy of the Republic of Korea and under The Korean Ministry of Trade, Industry & Energy. It is Korean Government’s Trade and Investment Promotion Organization. KOTRA is a Gateway to do business with Korea, and World’s Global Business Partner.
