Korea needs India more than you need us: Korea Chamber to Indian Inc.
Win-Win Situation: Korea, as the world’s foremost manufacturing heavyweight, is more than eager to support India’s manufacturing ambitions. India is another home for Korean companies, and they are fully on board to lead India’s manufacturing revolution: South Korean Ambassador
NEW DELHI: Seventh largest foreign investor to India with a strong representation of global brands like Samsung, LG, Hyundai, and KIA dominating the electronic appliances and automobile sector, South Korea has now a presence of about 750 companies in India.
And the number is all set to grow.
According to the Department of Commerce of India, Korea is the ninth-largest trading partner of India. On the Korean side, India is the 7th largest trading partner.
Korea’s apex industry promotion organization Korea Chamber of Commerce and Industry (KOCHAM) in India disclosed this during a webinar “Emerging Role of South Korea in Inclusive Growth of India – Saving Lives and Livelihood” organized by Asian Community News (ACN) Network in association with Jeevitam.
Shin Bong-kil, Ambassador of the Republic of Korea (ROK) joined the event as a keynote speaker.
“As you see, Korea needs India more than you need us. Like all industries and economies throughout the world, trade between the two countries has slowed down. We are only about 75% of where we were last year. Although we have encountered an unexpected and formidable barrier called COVID19, KOCHAM expects trade volume will normalize and continue its growth in the coming months,” said Hee-chul Jung, Secretary-General, KOCHAM during the webinar.
In his address, Shin Bong-kil, Ambassador of the Republic of Korea (ROK) also said that Korea was more than eager to support India’s manufacturing ambitions.
“India has set the goal to emerge as the next major global manufacturing hub. Korea, as the world’s foremost manufacturing heavyweight, is more than eager to support India’s manufacturing ambitions. India is another home for Korean companies, and they are fully on board to lead India’s manufacturing revolution. Companies such as Samsung and LG are household names in India; Hyundai and Kia automobiles are widely popular. I am sure, Korean companies growing participation in India’s manufacturing sector will generate economic growth and create livelihood opportunities in the country and thus contribute towards meeting the socio-economic needs of the people,” said the Ambassador during the webinar.
And how much the Korean companies are serious in doing and improving business operations in India is evident from the fact that despite the lockdown induced by the COVID-19 outbreak here, barring a few family members returning to Korea, most of the 750 companies and their staffs stayed back in India and braved the risk of coronavirus infection.
“Korean companies have a sizable presence in Delhi NCR, Kanchipuram of Tamil Nadu and Pune, Maharashtra. There are pockets of concentration also in Mumbai, Penukonda of Andra Pradesh, Hyderabad, Bengaluru, and Ahmedabad. In spite of the lockdown and some family members returning to Korea, most of the 750 companies and their staffs are all accounted for and staying strong,” said Hee-chul Jung who also happens to be the Chief Representative (Director) of Korea International Trade Association (KITA).
Major items of India’s exports to Korea are minerals like fuels/oil distillates such as naphtha, cereals, iron, and steel while imports are automobile parts, telecommunication equipment, iron products, mechanical appliances, and electrical machinery, he added.
In a piece of advice for the Korean companies attending the webinar, the KOCHAM chief shared few tips as the key to success in doing business and thriving in India.
The KOCHAM chief said, “The most important and determining factor is the public opinion, the word of mouth from Indian clients and consumers. We have a tendency to neglect this factor and search for lesser important factors like the existence of financial and governmental support. With the economic activity inevitably slowing down, it becomes even more true that success and even survival of the business now depend on how well the Korean companies do business with Indian companies and customers.”
A company can obtain a good impression from the local community with Corporate Social Responsibility. But there’s a more important process that comes before volunteering or engaging in philanthropic activities. It is respecting and showing love to all the Indian people that set foot on the premise of the shop or factory.
“Let us imagine what a difference will be made when Indian consumers, customers say, “The Korean restaurants are the best place to take my family. This Korean company always helps the local community. We have to purchase more of their product. I like going to Korean shops because they treat me like a King,” Jung added.
