Association of Korean young small businesses formed to support NextGen entrepreneurs, start-ups in India
NEW DELHI: Encouraged by the success of its business activities in India in recent years when Korean investment doubled despite the pandemic situation, South Korea has asked its young and micro-entrepreneurs to set up more ventures including start-ups in India.
For this, the Korean Federation of Korean Young Commerce and Industry in India has been set up for the first time in India to support the existing self-employed Korean youths, Korean small and micro enterprises, and start-ups. It also aims at encouraging more young entrepreneurs from Korea to set up businesses in India.
KIM Jin-bum, Director of the popular Korean cuisine restaurant chain Gung The Palace has been made the first representative of the Korean Federation of Korean Young Commerce and Industry in India.
It’s noteworthy that 66 new Korean companies entered India even during the pandemic-struck year 2020, and Korean investment amounted to around US$396 million during this economic downturn period.
Also, Korean investment into India almost doubled in the last four years from US$ 1.39 billion in 2017 to US$ 2.69 billion for 4 years after till 2021.
Recently, the Federation of Korean Associations in India supported by the Embassy of the Republic of Korea in India, the Ministry of Foreign Affairs of the Republic of Korea, and the Overseas Korean Foundation organized a workshop to support the self-employed and small business owners to overcome COVID-19 and a seminar to establish a next-generation youth network and support startups in Delhi NCR.
More than 90 Korean self-employed and small and medium-sized business and start-up owners, and young entrepreneurs with their businesses in India, were present.
The participants witnessed presentations titled ‘Food materials and distribution business management under the Corona 19 situation’, ‘Business customs and culture in India’, and ‘Food and beverage retail business management under the Corona 19 situation’,
This was followed by the Youth Network Establishment and Startup Support Seminar, ‘Status of Start-up Support by the Small and Medium Business Corporation’, ‘Status of Startup Support in ICT and SW Field’, ‘Actual Start-up Cases in Pune and Delhi’.
Euy Don Park, President of the Federation of Korean Associations in India announced the launch of the Korean Federation of Korean Young Commerce and Industry in India.
While addressing the participants, Ambassador CHANG Jae-bok, Republic of Korea, Jang presented his experiences in overcoming the COVID-19 crisis, “Indian commerce customs and culture” and “effective tax management related to accounting” to keep in mind when doing business or staying in India for a long time. By doing so, it is said that it has provided useful information to our residents who are engaged in self-employment and small business.
Ambassador Chang called the workshop and seminar timely and meaningful.
He said that India is one of the countries where start-ups are very active, so through this start-up support seminar, information on start-up market environment and operation cases in each region of India, startup ideas, etc.
Ambassador Chang wished that Korean young entrepreneurs grew into key players in the future development of the Korea-India friendly cooperative relationship and business cooperation.
In his address to the young entrepreneurs, Euy Don Park, President, Federation of Korean Associations in India, said the strength of the Indian community will come from young people in the year 2022.
“The year 2021 shows signs that the coronavirus is going to put pressure on the freedom of daily life again, we had time to share year-end greetings with the Korean residents, along with a seminar to support the Korean residents. We have created the Korean Federation of Korean Young Commerce and Industry in India for young people entering India and held a launching ceremony. The Korean Association and the embassy decided to try something hard, turning their attention to young Koreans in India, including young people who run small businesses, and start-ups, and young people who want to work in India. Their activities and success stories are likely to cause progress of the Korean community in India,” said Euy Don Park.
On this occasion, CHOI Jong-ho, Minister, Embassy of Korea said in his opening speech, “Our Korean community also faced a great crisis due to the second outbreak of Corona 19 in India on April and 5th, but we were able to overcome the difficulties based on the tradition of mutual aid and strong unity. In particular, close communication and cooperation between diplomatic missions stationed in India and the Korean community, including the Korean Association, became a driving force in overcoming the crisis.”
