The Indian Chamber of Commerce in Korea (ICCK) and India Forum organized a joint seminar in Seoul to strengthen the economic relationship between India – Korea. Mr Joongyu Lee, former Ambassador to India said at the conference appreciated the Make in India Initiative started by Prime Minister of India Shri Narendra Modi and termed it as a great opportunity for all Korean Companies to grow in India”. He expressed hope that the trade and investment between Korea and India will increase exponentially in the near future.

An official from ICCK told our Special Correspondent that in line with Make in India policy, Korean company’s model of entry into India is changing. For example, Samsung Electronics is pushing for local production of parts such as display panels, and Lotte is also pushing for direct entry into the agro-food sector to put a plant in India. In addition, awareness of Korea in India is also rising recently, and there are also more opportunities to enter everyday consumer goods such as K-Beauty and K-Food in addition to existing Samsung phones.

It is in line with South Korean President Moon Jae-in’s “New Southern Policy” (NSP) which attached primacy to strengthening the country’s economic and strategic relations with India, as well as the countries of Southeast Asia. It is the first time that South Korea has clearly designed a foreign policy initiative for India and officially documented it. It is an unprecedented move that highlights his government’s desire to shape a new paradigm in Seoul-New Delhi relations.