The presidential office said that President Lee Jae-myung, who is on a state visit to India, will attend the Korea-India Business Forum on the 20th (local time). As volatility in industry has grown with the prolonged Middle East situation, major corporations from both countries will gather to discuss cooperation across sectors such as shipbuilding, digital, and energy supply chains, and to sign private memorandums of understanding (MOUs).
Hosted by the Ministry of Trade, Industry and Resources and India's Ministry of Commerce and Industry and organized by The Federation of Korean Industries and the Indian Chamber of Commerce, the forum is being held as our head of state makes a state visit to India for the first time in eight years. More than 600 government officials and business leaders from the two countries will attend to discuss cooperation among corporations in a wide range of fields, including shipbuilding, steel, electrical and electronics, automobiles, consumer goods, chemicals, and bio.
From Korea, more than 250 will attend, including Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Chairman Chung Eui-sun, LG Chairman Koo Kwang-mo, POSCO Holdings Chairman Chang In-hwa, and HD Hyundai Chairman Chung Ki-sun. From India, more than 350 will be present, including Sanmar Group Chairman Vijay Sankar, Essar Group Vice Chairman Ravikant Ruia, Confederation of Indian Industry (CII) Chairman Rajiv Memani, and JSW Steel CEO Jayant Acharya.
At the event, President Lee will emphasize the importance of relations between Korea and India and ask corporations in both countries to invest and cooperate to pioneer global markets. The presidential office said that in the session that day, POSCO, Hyundai Motor, and Krafton will give presentations in the fields of advanced manufacturing and steel, the digital economy, and the energy transition, respectively. Afterward, a total of 20 private MOUs will be signed in areas such as shipbuilding, digital, and energy.
Meanwhile, before the forum, President Lee will hold a summit with Indian Prime Minister Narendra Modi to discuss ways to deepen the "special strategic partnership" between Korea and India. Specifically, they may address the issue of revising the Korea-India Comprehensive Economic Partnership Agreement (CEPA), which took effect in 2010. In particular, President Lee is expected to propose new cooperation projects in strategic areas such as shipbuilding and marine, finance, AI, and the defense industry to double bilateral trade by 2030.