Congratulatory remarks
by H.E. Mr. Skand R. Tayal, Ambassador of India,
at the launch of the Indian Chamber of Commerce in Korea
– Shilla Hotel, Seoul: 19 January 2010


Esteemed Yoon Jeung-Hyun, Minister of Strategy and Finance,
My fellow Ambassadors and heads of foreign chambers working in Korea,
Friend Kim Jong-Shik, President & CEO, Tata Daewoo Commercial Vehicle Company Ltd,
Leaders of Korea’s corporate world,

I am very pleased to congratulate you all at this function to launch the Indian Chamber of Commerce in Korea. With the impressive growth of trade and investment between India and Korea, we are now poised to take the economic relationship to a new and higher level. The State visit of President, Hon’ble Lee Myung-bak, to India next week would provide the impetus to our corporate captains to fulfill the vision of our leaders.
The Comprehensive Economic Partnership Agreement (CEPA), between Korea and India came into operation at the beginning of this new year. CEPA is much more than a normal free trade agreement. The title itself embodies the vision to forge a comprehensive economic partnership.
       What would be the elements of this partnership? Korea’s manufactured goods, capital equipment, consumer products as well as plants and projects are already well-established in the growing Indian market. India has an open and transparent economic environment and Korean companies are competitive offering quality products and services.
       What does India have to offer? In our trade for goods, India has a deficit of almost $95 billion. We make up this shortfall in our balance of payments by exporting IT and software products worth about $50 billion and the remittances of Indians working abroad constitute up the rest of $45 billion.
       Here lies the answer on the economic partnership with the Republic of Korea. With CEPA, we hope that our highly regarded IT industry will have a greater share of the Korean IT market. We also hope that more Indian experts, professionals and engineers would work in Korean industry. I am very pleased that companies like Samsung Engineering and Hyundai Engineering employ a large number of Indian engineers and workers for their projects in the Middle-East also.
Mr. Minister, friends, the formation of the Indian Chamber in Korea is very timely. As the new partnership takes shape, it would require all the stake-holders to periodically come together and propel the process forward. The Chamber would be a sounding board for the industry to raise issues of concern as well as educate the corporate leaders in Korea about the potential of collaboration with India.
I am sure the ICCK would develop a healthy and mutually beneficial relationship with the various organs of the Government of Korea, different Korean chambers and industry associations – most of which are represented here today – as well as with sister chambers from other countries to work together for a more prosperous future for all of us.
       I wish the Chamber well in its work and assure that the Embassy of India would be an enthusiastic partner in achieving their objectives.
Finally, I pay a warm tribute to President Kim Jong-shik and his colleagues for working together to convert the idea of ICCK into reality.
Thank you.