Media Report: India-Korea Business summit_ The Economic Times

Make in India gets a leg up from South Korean honchos

By Dipanjan Roy Chaudhury, ET Bureau | 14 Jan, 2016

NEW DELHI: Who's who of the South Korean business whose accumulative worth is $600 bn have gathered here for the first ever mega India Korea Business Summit on Jan 14-15 to give push to Make in India initiative by bringing together Indian skills and the Northeast Asian country's manufacturing capabilities.

 While South Korean businesses are no strangers to India having invested across sectors from automobiles to consumer products for the past two decades this Summit for the first time has brought together whos who of the Korean business world in India under one roof.

Among the big South Korean names present on the occasion are Chung Eui-seon, Vice Chairman, Hyundai Motor Group, Park Sam-Koo, Group Chairman, KumhoAsiana group, Park Yongmaan, CEO, Doosan Group, Shin Dong-bin, Chairman, Lotte Group, Koo Bon-Joon, Vice Chariman of LG Electronics, Park Sang Jin, President, Samsung Electronics, Lee Woo-Hyun, President of OCI and Bang Sang-hoon, President & CEO of the Chosunilbo.

The Summit is being organized by ChosunIlbo, the largest media business group in South Korea and CII. "The idea to organize this meet was germinated from PM NarendraModi's visit to Seoul last May when he addressed leadership conference oragnaised by ChosunIIbo. The summit will serve as catalyst to push India-South Korea business relations and take it to the next level," Woosuk Kenneth Choi, Deputy Editor, The Chosunilbo (one of the chief organisers of the Summit), told ET.

"India and South Korea want to grow together by complementing each other's strength and by joining hands. India has skills and South Korea has manufacturing experience. By merging these two qualities the two countries can enter markets in third countries," remarked Choi. Following flooding of markets in various countries by the cheap Chinese products it is being felt that India and South Korea can join hands to enter various markets.

Apart from the big names several South Korean SMEs are part of the Summit and they plan to hold business-to-business meets with the Indian counterparts. Besides states like Andhra Pradesh and Rajasthan are also planning to showcase their strengths to attract South Korean investments.Number of South Korean Parliamentarians are also attending the Summit. There are also representations from various South Korean provinces who are exploring partnerships with the Indian states.

India and Korea are the third and fourth largest economies in Asia. The Comprehensive Economic Cooperation Agreement (CEPA) signed between the two countries provides an excellent platform for expanding the bilateral trade, which is currently below its potential, and also give great impetus for flow of investment both ways.

The momentum created by mutual visits of Prime Minister NarendraModi and President Park Geun-Hye is now accelerating with commitments from both countries to build a lasting economic relationship. Perhaps as a lead to this new era in relationship, the Export-Import Bank of Korea is pursuing a $10 billion plan to support infrastructure development pan India.