Changwon delegation of Korean Defense and Future Mobility Companies visit India to Forge New Partnerships

NEW DELHI: A delegation of ten small to medium-sized enterprises (SMEs) specializing in defense and future mobility solutions from South Korea’s Changwon province, renowned as the hub of the defense industry, has embarked on a significant journey to India. Their aim: To explore potential joint ventures, technology transfers, and bilateral trade across various sectors. This province, home to global defense equipment giants like Hyundai Rotem and Hanhwa, LIG Nex1 constitutes a staggering 35% of South Korea’s defense export volume.

The delegation, jointly led by the Changwon Industry Promotion Agency (CIPA), the Ministry of SMEs and Startups (Gyeongnam Regional SMEs and Startups office), and the Korea Federation of SMEs (K-BIZ), is on a 4-day mission to India. Head Representative of the Defense and Future Mobility Delegation, Choi Byeong Kil, disclosed that on Thursday, the delegation engaged with approximately 50 Indian companies in New Delhi, including prominent names like L&T, Tata, and Mahindra.

Ms. Yi Z-Eon, Assistant Director, Regional Business Policy Division, Ministry of SMEs and Startups, Korea, LEE Y. K., Managing Director, Korea India Business Development Centre (KIBC), and K Ramesh, representing the Society of Indian Defence Manufacturers (SIDM) were also present on this occasion.

The Society of Indian Defence Manufacturers (SIDM), the apex body of India’s defense industry, in collaboration with the Automotive Component Manufacturers Association of India, facilitated a meeting with the visiting South Korean companies. Notably, in 2019, CIPA and SIDM inked an MoU to strengthen mutual cooperation, fostering numerous constructive interactions between Korean and Indian enterprises.

Choi Byeong Kil emphasized, “This marks the inaugural physical delegation led by CIPA, bringing Korean SMEs from Changwon province face to face with their Indian counterparts for prospective collaborations. The discussions spanned aerospace engineering, drone technology, hydrogen fuel cells, e-mobility solutions, and various automotive fields in addition to the defense sector. Prior to this, since 2018-19, we conducted virtual meetings and negotiations with Indian companies,” he stated in an interview with the Asian Community News (ACN) Network in Delhi on Thursday.

The visiting companies specialize in manufacturing an extensive array of products, including projectiles (rockets, missiles), heat-resistant parts, linear compressor parts, radar, EOTS, satellite communication, EV chargers, aircraft machined parts, aircraft structure assembly, 3D printer cable assembly, hydraulic valves, hydraulic pumps, aircraft components, automotive parts, suspension devices, shoba, equalizing, and charging devices for storage batteries, gears, and parts for power transmission.

Choi Byeong Kil revealed that an Indian delegation had visited Changwon province in April during the Jinhae Gunhang Festival, a cherry blossom festival steeped in a 54-year history, ranking among Korea’s largest celebrations.

“We envisage devising a comprehensive annual schedule of reciprocal visits between India and Korea, fostering heightened interaction between industrial units on both sides for mutually beneficial outcomes. Changwon is renowned for three major festivals, along with a year-round calendar of cultural events. Notably, the Jinhae Gunhang Festival, boasting over 2 million visitors from home and abroad annually, captivates with its 360,000 cherry blossom trees, offering a panoramic view of South Korean splendor unique to Changwon,” Choi Byeong Kil concluded.

With respect to the potential that both countries possess in the realm of defense and future mobility, Choi Byeong Kil affirmed that India’s substantial demand, consumption, and appetite for products align seamlessly with Korea’s cutting-edge and innovative technologies, forming a promising foundation for fruitful collaboration.