The priority sectors in focus under this signed MoU were Chemical, Petrochemical and Pharmaceuticals; New and Renewable Energy; Start-up Ecosystem; Textiles and Apparels; Urban Infrastructure; Food Processing and Agro related industries; Skill Training and Development; Automobile, etc.
KOTRA is the national trade and investment promotion organisation operated by the Government of the Republic of Korea.
The MoU was signed with an aim to recognize a mutual desire to further enhance and strengthen Korea - Gujarat trade and industrial investment relations and to encourage ongoing dialogue and cooperation.
KOTRA will also take part in Vibrant Gujarat 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 South Korea 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 textiles and chemicals manufacturing have also expressed interest in investing in Gujarat.
A Vibrant Gujarat promotional delegation is proposed to visit South Korea 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.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)