Korea-India Business Partnership Forum unlocks path to century of shared prosperity

The Korea-India Economic Co-Prosperity, held on November 22 to celebrate the 51st anniversary of diplomatic relations between Korea and India

- Over 600 attendees, including Herald Media Group delegation, government officials, business leaders, and Institutions
- Exploring collaboration opportunities in manufacturing, construction, finance sectors while pledging to expand information sharing 
- Herald Media Group and India’s FISME sign MoU to establish a cooperation framework

To commemorate the 51st anniversary of diplomatic relations between Korea and India, the Korea-India Business Partnership Forum took place at Yashobhoomi in New Delhi, India, on 22 November (local time) with the participation of government officials, business leaders, and cultural and artistic figures from both countries.

The forum was co-hosted by Herald Media Group (The Herald Business & The Korea Herald), Korea International Trade Association (KITA), and Confederation of Indian Industry (CII) under the theme of ‘Path to Economic Co-Prosperity’. 

Reflecting on the past 51 years of Korea-India ties and exploring a new path for shared prosperity over the next 50 years, this event covered various aspects of the bilateral relations from diplomacy, economy to culture.

It attracted great attention from both countries as it was held at a time when India’s geopolitical and geo-economic importance is rising amid prolonged U.S.-China tensions.

The event was attended by over 600 participants, including more than 300 representatives from Indian companies and organizations and approximately 150 Korean business leaders, making it the largest event of its kind in the history.

The forum began with opening remarks from leaders of the three co-hosting organizations.

In his opening speech, Mr. Jung Won-ju, Chairman of Herald Media Group, stated, “India is aims to become the world’s third-largest economy within five years and become a developed nation by 2047. There are infinite opportunities for practical cooperation and business matchmaking between the two countries in various industries, including manufacturing, construction and infrastructure, and financial investments.”

“This forum will offer a valuable opportunity for companies and experts from both countries to come together, achieve shared goal for cooperation and growth, and lay the foundation for moving toward a new century. Herald Media Group will continue to play a key role in promoting the friendship and collaboration between Korea and India,” he added.

Kim Ko-hyun, Executive Vice President of the Korea International Trade Association, stated in his opening speech, "India is transforming into a key global manufacturing hub. If Korea’s technological prowess in renewable energy, collaborates with India’s vast market and talented workforce, the two countries will create significant outcomes."

Siddhant Kaul, Chairman of the Confederation of Indian Industry (CII) Korea Council, said, "India is a central player in the global value chain. If Korea and India continue to exchange their strengths, new opportunities will arise in the future."

In the congratulatory speeches that followed, Vice Governor Kim Seong-jung of Gyeonggi Province, who represents the organizing committee of the Korea-India Industrial Exhibition held at the same venue during the forum, and Deputy Chief of Mission Sang-Woo Lim from the Korean Embassy in India delivered their remarks. 

S. Korea’s Industry and Trade Minister Ahn Duk-geun also conveyed his message via video, stating, “The Korean Ministry of Trade, Industry, and Energy and the Indian Ministry of Commerce have been discussing the establishment of a regular ministerial-level Korea-India Industry Cooperation Committee. Through economic cooperation between the two governments, we will support exporting companies by improving customs procedures, easing regulations, and creating a stable investment environment.”

Kim Sung-sup, Korea’s Vice Minister of SMEs and Startups, said in his congratulatory address, "Korean SMEs are known for their innovative technologies and high-quality products, while Indian SMEs excel with creative ideas and outstanding talent. Cooperation between SMEs of both countries will not only drive economic prosperity but also strengthen competitiveness in the global market."

In the keynote speeches, Mr. Kim Dae-ja, Director General of Trade and Investment at Korea’s Industry Ministry, presented a future blueprint for synergies that could be created between the two countries. 

In the following sessions, Korean and Indian business leaders shared their market insights on their respective sectors including manufacturing, construction and infrastructure, and financial investments.

In the manufacturing sector, Chun Sang-pil, Senior Vice President of Samsung Electronics South Asia, highlighted the strategic importance of India not only as a fast-growing market but also within the global supply chain. Samsung has been operating the world’s largest mobile phone production facility in Noida, Uttar Pradesh, since 2018.

Tarun Garg, COO of Hyundai Motor India, explained Hyundai’s successful strategy in the Indian market. Since entering India in 1986, Hyundai Motor India has grown to become the country’s second-largest automobile company and recently set a record with its largest IPO in Indian stock market history.

Representing India's manufacturing sector, Narinder Goyal, Head of New Initiatives at Avaada Group, and S. Sarathi, CEO of ANAND Group, delivered speeches. 

In the construction and infrastructure sector, Han Seung, COO of Daewoo Engineering & Construction, presented strategies for entering India’s housing market. Daewoo has 

undertaken eight projects in India, including the Bihar Bridge spanning the Ganges River and the Mumbai Coastal Road Project, with a total project value of approximately $3 billion (around 3.98 trillion won). The company plans to expand into the housing sector, contributing to India’s economic development and residential innovation.
Representing India's construction industry, Prashant Yadav, Head of Marketing at Model Economic Township Limited, delivered a presentation.

In the financial and investment sector, Shrinivas Khanolkar, Chief Marketing Officer of Mirae Asset India, introduced the local economic climate and investment opportunities. Mirae Asset has targeted India’s booming mobile securities market, growing into the ninth-largest player in just two years since entering the market.

Following the forum, a Business Roundtable co-hosted by Herald Media Group and the Federation of Indian Micro and Small & Medium Enterprises (FISME) was held. Around 60 small and medium-sized entrepreneurs from both countries participated, discussing specific plans for collaboration in India. Herald Media Group and FISME also signed an MoU to establish a bilateral SME cooperation organization.

Around the forum venue, Hyundai Motor, Daewoo E&C, Shinhan Bank, Mirae Asset, and other companies set up exhibition booths to showcase their achievements and capabilities to visitors.

This forum was held in conjunction with the "Korea-India Industrial Exhibition (KoINDEX)," hosted by the Ministry of Trade, Industry, and Energy, the Ministry of SMEs and Startups, Gyeonggi Province, and Goyang City. It is the largest global trade fair in the history of Korea-India relations, held from November 21 to 23, with an estimated 100,000 participants from around the world gathering at Yashobhoomi, New Delhi.

Additionally, during the forum, model and actress Anushka Sen, with 40 million Instagram followers, and global entertainment company Asia Lab received awards from Herald Media Group for their contributions to cultural exchange between the two nations.

The forum was accessible to the public, both in person and through online live-streaming.