A call was made to strengthen advanced industry cooperation between Korea's middle market companies and India.
Choe Jin-sik, president of the Federation of Middle Market Enterprises of Korea (FOMEK), said at the "meeting with middle market business leaders invited by the Indian ambassador to Korea" held in the FOMEK conference room on the 6th that "India, backed by a population of 1.4 billion, is seeking to leap forward as a new global leader by growing its vast domestic market, upgrading its manufacturing-centered industrial structure, and strengthening multinational cooperation," and that "Korean middle market companies, which are competitive in a range of advanced fields including materials, parts, and equipment as well as ICT and biotech, are optimal cooperation partners in India's industrial upgrading process."
Attending the meeting were President Choe Jin-sik; Indian Ambassador to Korea Gauranglal Das; Ku Ja-gwan, managing partner of Samgu INC; Park Il-dong, chairman of DSEC; and Kim Hae-ryeon, chair of Taekyung Group, among the FOMEK senior vice chairs. The participants discussed ways to expand middle market companies' entry into the Indian market and cooperation plans in key industries such as shipbuilding.
With regard to the negotiations to improve the Korea-India Comprehensive Economic Partnership Agreement (CEPA), which resumed in March, business leaders also raised the need for institutional improvements. They said, "The Korea-India CEPA is the foundation of the two countries' economic cooperation, but its use is constrained by non-tariff barriers such as complex rules of origin, certification by the Bureau of Indian Standards (BIS), and quality control orders," and added, "There is a need to make the agreement more effective by expanding liberalization in services and investment, easing non-tariff barriers, and strengthening supply chain cooperation."
Ambassador Gauranglal Das said, "If India's domestic market and IT capabilities are combined with Korea's manufacturing and technological competitiveness, cooperation between the two countries can yield even greater results," adding, "We will support smooth entry by Korean middle market companies into the Indian market."