How Indo-Korean Ties Can Enhance the Economy of Both Countries
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Recently, South Korean President Moon Jae-in ‘s visits to India highlights the intention to deepen the bilateral relations with India. The strategic alliance between the two countries would focus on business cooperation, cultural exchanges, technology sharing and scientific research.
As one of the earliest foreign investors in India, South Korea has been an aggressive yet enthusiastic investor and has continued to maintain its confidence in India’s potential. Both the countries are planning to expand their business ties with an aim to double bilateral trade by 2030 and urged to step up investments and promote start-up ventures.
Under the current circumstances, the Korean government especially Korea Ministry of SME start-ups and policy makers accentuated to establish and expand export incubator from New Delhi South eastern industrial complex to Gurgaon. The incubator is to give support to Korea and India start-up for better cooperation, free exchange and more. Ministry has also stressed upon establishing a start-up hub in Gurgaon for various programs for Korean-India’s start-up where India is a rising market as post China, with rich and valuable human resources such as Indian Institutes of Technology.The Way Forward
President’s visit to India was part of his effort to strengthen the “New Southern Policy” (NSP) strategy. The diplomatic ties between the two countries has proven beneficial in many different areas. South Korean government has committed to democratise economic growth, structural reform and place India in the consideration set along with US, UK, China and Russia.
India is a potential market for start-ups and is witnessing a surge in Korean companies investing in the Indian market. Tapping on the thriving Indian start-up ecosystem, the Korean government is working progressively towards building incubation centres to support both Korean and Indian start-ups in India and helping them maintain successful business. This move showcases the strong support of the Korean Government.
Understanding the potential of India, Korean companies aim at strengthening skill-set and boosting employment opportunities in India. Also, with the Indian government loosening ties with foreign investments there is more opportunity for international brands to set up in India and work with the talent here. In turn opening job opportunities for the youth here and giving them exposure to work with international brands. The Indian government has been taking considerable measure and provide greater market access for Korean investors, and it could be an important opportunity for investors to strengthen their business community in India.