6 Working Groups formed to enhance trade, investments between India, Korea

The India-Korea CEOs Forum held its second meeting here today, with business leaders from both the nations developing an ambitious agenda to enhance bilateral trade and investment.

"The CEOs announced the formation of 6 working groups in sectors like Auto, Infrastructure, Services, Electronics (including renewable and allied sector) & IT and Start ups and Innovation Ecosystem (including MSMEs & SMEs) and Defense Manufacturing," industry body Ficci said in a statement.

The CEOs deliberated upon the progress on major recommendation from the first meeting in the field of energy, including renewable energy technologies, nuclear power and LNG ship building, by way of joint developments, technology transfer and enhanced bilateral trade with a view to benefit from technological and business expertise of Korean enterprises in developing quality infrastructure in India.

The first India-Korea CEOs Forum was held in Seoul, South Korea on May 19, 2015.

Given the impetus on manufacturing with Make in India' initiative and Korea's manufacturing strengths, the CEOs recommended greater co-operation between the Korean and Indian enterprises.

The CEOs from both the sides highlighted some of the recent developments in Korean investments in India and welcomed the establishment of Kia's first manufacturing plant in Andhra Pradesh and Samsung's new manufacturing unit in Noida, Uttar Pradesh that was inaugurated by South Korean President Moon Jae-in.

In the renewable energy sector, especially solar energy, the CEOs recommended collaboration between the Indian and Korean companies to set up manufacturing facilities in India and also committed to promote and work towards joint projects in the areas of new technologies such as artificial intelligence, internet of things, future manufacturing, robotics and green tech.