How Indo-Korean Ties Can Enhance the Economy of Both Countries India is a potential market for start-ups and is witnessing a surge in Korean companies investing in the Indian market

By Cheolwon Charlie Lee

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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.

Indo-Korean Ties

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.

Cheolwon Charlie Lee

CEO, True Balance

Charlie has won recognition for playing pivotal roles in the growing and leading of well-known businesses of mobile service segment from carrier billing and VAS(Value-added-service) to Smartphone apps in 5 different countries in Asia Pacific.  Discovered the fast-evolving mobile ecosystem due to the emergence of smartphones especially in India and seized the opportunity to jump into business with university colleagues (Balance Hero co-founders Jay and Martin) in discussion with ‘New Business Strategy’ a market larger than Korea.

He developed True balance business model and launched a commercial platform for smartphone users to check the balance and recharge by utilising this app. He also established Balance Hero in-house venture at Access Mobile.

Charlie has in depth exposure to deal structuring, business investment, telecom services. He is identified as a thought leader for the development and policy making on mobile ecosystem.


He is a keen golfer and tech enthusiast with diversified interests in social upliftment.

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