KOSME Partners with Maharashtra Industrial Development Corporation to Expand Foothold in India

The Korea Small & Medium Business Corporation (KOSME) announced on April 20 that it had signed a 'Business Agreement for Investment Promotion and Industrial Cooperation' with the Maharashtra Industrial Development Corporation (MIDC) in New Delhi, India.

India has emerged as a key manufacturing and investment hub, with global companies relocating production bases and making new investments, particularly in line with the Indian government's 'Make in India' initiative to foster the manufacturing sector. This trend has been further accelerated by the recent global supply chain restructuring. In particular, Maharashtra State has gained attention as a core region for manufacturing and logistics infrastructure centered on strategic industries, benefiting from these policies.

To meet the growing demand for entering the western Indian market, KOSME is establishing a Global Base Camp at Pimpri Chinchwad University (PCU) in Pune. In addition, KOSME has promoted this business agreement to further expand cooperation with local institutions and strengthen support for Korean companies seeking to enter the Indian market.

The Maharashtra Industrial Development Corporation (MIDC), an agency under the state government, oversees the development of industrial complexes and the attraction of companies, supporting the smooth settlement of foreign-invested enterprises by facilitating entry into industrial complexes, providing assistance with permits and approvals, and offering necessary infrastructure.

On the 20th (local time) in New Delhi, India, Janghyuk Park, Executive Director of Global Growth at the Small and Medium Business Corporation (right), and Phee Velasu, CEO of MIDC (left), are posing for a commemorative photo after signing a business agreement. Small and Medium Business Corporation

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Through this agreement, the two organizations have decided to cooperate across the entire process of Korean small and medium-sized enterprises (SMEs) and startups entering Maharashtra in the areas of investment promotion and administrative support, including: ▲ Promoting investment by Korean SMEs and startups in Maharashtra ▲ Supporting linkage with industrial complexes and infrastructure ▲ Providing assistance with permits, approvals, and other administrative procedures.

In the field of human resource development and education, the organizations will support enhancing corporate competitiveness through: ▲ Training local manpower based on industrial demand ▲ Introducing and operating Korean corporate culture education programs ▲ Strategically utilizing professional talent.

Furthermore, in the area of future advanced technology cooperation, both sides plan to share information and identify joint projects related to ▲ Smart industrial complexes ▲ Energy efficiency ▲ Digital transformation, thereby strengthening manufacturing competitiveness.

KOSME plans to use this agreement as a starting point to further expand exchanges between Korean and Indian companies through investment delegations, business meetings, and corporate investment attraction briefings, while continuously pursuing joint projects such as identifying investment opportunities in various industries.

Janghyuk Park, Global Growth Director at KOSME, stated, "As global supply chains are being reorganized and demand for Korean SMEs to enter the Indian market is increasing, India is becoming a very important strategic market. This agreement will serve as a meaningful opportunity to further strengthen the foundation for Korean SMEs to enter India by leveraging Maharashtra's industrial infrastructure."

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