Martial Arts, '2020 Korea-India Business Forum' Held Online

[Asia Economy Reporter Hwang Yoon-joo] The Korea International Trade Association (KITA), in collaboration with KOTRA and the Indian Chamber of Commerce (ICC), held the '2020 Korea-India Business Forum' online on the 11th.

The event was attended by representatives from government ministries and related organizations of both countries, including KITA Chairman Kim Young-joo, ICC Chairman Mayang Jalan, and Ministry of Trade, Industry and Energy's Director-General for Trade Negotiations Yoo Myung-hee. Speakers from private companies such as Samsung Electronics, Hyundai Motor Company, and Doosan Heavy Industries also participated to discuss cooperation strategies across various industries via video conference.

In his opening remarks, KITA Chairman Kim Young-joo stated, "Due to the novel coronavirus disease (COVID-19), both countries are experiencing unprecedented difficulties including a decline in human exchanges, reduced trade and investment, and disruptions in global supply chains caused by production setbacks. At times like these, it is crucial to strengthen networks among businesspeople from both countries and to strive for mutual growth through economic cooperation."

ICC Chairman Mayang Jalan said, "If India and Korea cooperate, they can significantly contribute not only to the Asian economy but also to the development of the global economy. For this, leaders from all sectors including entrepreneurs, investors, and governments must work together."

The forum was attended by over 200 businesspeople from both countries and featured presentations on investment environments and entry strategies in four Indian states, as well as cooperation plans in four industries: pharmaceuticals/medical, machinery/plant, electrical/electronics, and food. The sessions included panel discussions and sharing of local market entry experiences by Korean companies. Simultaneously, a B2B video consultation meeting was held with participation from 60 companies from both countries.

Sorab Batnagar, Team Leader of Doosan Power Systems India, said, "Doosan has been cooperating with India for over 25 years since entering the Indian market in 1994, completing nine projects and currently working on six projects. India currently relies on fossil fuel power for 55% of its energy, but aims to reduce this to the 39% range by 2027 while increasing the share of renewable energy to 44%. This presents significant opportunities for Korean companies with eco-friendly technologies to enter the market."

Cho Hak-hee, Director of KITA's International Business Division, said, "Korea is promoting the Green New Deal and New Southern Policy, while India is advancing renewable energy development policies. If the two countries cooperate, the synergy effect in the eco-friendly sector will be amplified. We will spare no effort to support Korean companies' entry into India and cooperation between companies in preparation for the post-COVID-19 era."

This content was produced with the assistance of AI translation services.