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Gujarat signs MoU with KOTRA to strengthen trade, industrial relations

ANI  |  New Delhi [India] 

A (MoU) was signed between the under the and Trade-Investment Promotion Agency (KOTRA) on Tuesday in

The priority sectors in focus under this signed were Chemical, Petrochemical and Pharmaceuticals; New and Renewable Energy; Start-up Ecosystem; and Apparels; Urban Infrastructure; Food Processing and Agro related industries; Skill Training and Development; Automobile, etc.

is the operated by the Government of the Republic of

The was signed by and Mines MK Das on behalf of the and Dr. Kwon, Pyung-oh on behalf of

The was signed with an aim to recognize a mutual desire to further enhance and strengthen - Gujarat trade and industrial investment relations and to encourage ongoing dialogue and cooperation.

Both and will assist each other to provide in-market support to their respective mission delegates for travel abroad.

KOTRA will also take part in Global Summit 2019 to be held from January 18 to 20 next year.

Gujarat which is a leading destination for foreign investment and bilateral trade is a key contributor to this relationship. Incidentally, Gujarat's export to was around $1 Billion in 2017-18, which was approximately 25% of India's total export to the nation. In recent past, South Korean companies in the field of and manufacturing have also expressed interest in investing in Gujarat.

On a related note, KOTRA will open an office in to facilitate trade and economic cooperation specifically between Gujarat and

A promotional delegation is proposed to visit in the coming months and could leverage this MoU to pitch Gujarat as India's most favourable trade and investment destination.

The outcomes of this MoU are thus expected to shape relations between the two regions going forward, and bring them closer in terms of holistic socio-economic development.

Commissioner, and Resident of Gujarat in Delhi, were present during the MoU signing ceremony.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 10 2018. 17:55 IST