Korean SMEs Assn KOSMA, Indian SMEs body FISME to facilitate more Korean SMEs in India

NEW DELHI: In order to ensure smooth entry, survival and success of Korean Small and Medium Enterprises (SMEs) in India, the Korean Small & Medium Enterprises Association (KOSMA), and India’s national MSME body – the Federation of Indian Micro and Small & Medium Enterprises (FISME) announced to work together, and increase the footprint of Korean companies in India.

Both sides announced this on Monday during the “2023 Management Strategy Seminar & Meeting” organized in New Delhi by KOSMA. The event aimed at explaining and guiding the India-based Korean SMEs about various challenges present in ever-growing Indian market and also discussing the management strategy of Korean SMEs at the center. FISME’s top sleuths including its Director General, and Vice Presidents also attended the event.

The participating companies included TMS TECHNOV M SYSTEMS PRIVATE LIMITED, Solo Group, Chaudhary enterprises, IBC India Trading, Likraft, D.P. GARG & CO. PVT. LTD., GOLDEN PRECISION PRODUCTS PVT.LTD., Focustek Manufacturing Services Pvt Ltd, Carry Trading Pvt. Ltd., BTN-Insulo India pvt Ltd, Nugabest Medical India Pvt. Ltd, Atomy Enterprise India Pvt.Ltd., AA Studio Consulting Pvt Ltd, Korikart, LS Cable & System Ltd., and BRICS INDIA TRADE PVT. LTD. These Korean and Indian SMEs also displayed their products and services during this event.

The KOSMA held this seminar & meeting to present management strategies for Korean SMEs entering India, resolve difficulties, and strengthen cooperation between related organizations and Korean companies in Chennai, Bangalore, and Korea.

The event began with the key note address of Park Seong-heum, Chairman of KOSMA, followed by congratulatory speech by Yang Kwang-seok of Korean Embassy in India. The Management Strategy Seminar witnessed session on India overview, Korean companies entering India and 2023 India Economic Outlook by KIEP, Invest India Korea Plus, Current state of Investment in India by Korean Companies, Information on Support Policies (including examples), Future Factory Smart Factory, Personnel/labor management of Korean companies entering India, Risk management cases of Korean companies entering India, Introduction of Indian Federation of Small and Medium Enterprises (FISME) and Cooperation with KOSMA, and Reliance METL Jhajjar Industrial Complex Factory Site and Introduction of Incentives.

Sandeep Kishore Jain, Vice President, FISME, and MD, The Solo Group said FISME would be open to working closely with KOSMA and facilitate bringing in Korean SMEs to India and set up  their facilities here.

Lee Young Ho, Chief Representative, KITA New Delhi Centre, Park Euy Don, President, United  Korean Community Association in India, Dr. Abraham Lee, MD & CEO, Atomy Enterprise India Pvt Ltd., Rakesh Chhabra, VP, FISME and President Rai Industries Association were also present on the occasion.

It is mention-worthy here that KOSMA, and  FISME) had inked a mutual “help each other” agreement in the year 2019. Both the sides signed Memorandum of Understanding (MoU) with the intent of assisting each other in boosting investment and facilitating smooth entry and functioning of Korean SMEs into India.

Y K Lee, the then KOSMA chairman signed the MoU for the Korean side, while Animesh Saxena, the then president of FISME that represents over 700 small, medium and micro enterprise associations in India, signed for the Indian side during the seminar titled “How to Come to India, Survival & Sustainability of SME Sector in Indian Market”.

Later in 2022, the FISME had signed a Memorandum of Understanding (MoU) with Yangsan Chamber of Commerce and Industries (YCCI) of South Korea to support and strengthen MSMEs in both the countries. As a part of this agreement, FISME will help the entrepreneurs based in Yangsan city to form business ties with the Indian small and medium enterprises (SMEs).