Korea asks its Cos. to make robust presence, market dominance in India

New Delhi, India—With huge Indian economic growth potential in mind and a strong probability of India taking over Japan soon to become G3 (the world’s third economic power after the US and China), the government of the Republic of Korea has exhorted Korean companies to enter India in large numbers and ensure market dominance.

While addressing the top brass of Korean companies in India recently in New Delhi, the Ambassador of the Republic of Korea to India, Lee Seong-ho, said that the Indian economy was marked with immense growth potential and was set to emerge as a G3 soon. The Ambassador emphasized the urgency of Korean companies’ preemptive entry into India and market dominance.

He was addressing the annual general meeting of Korean Chamber of Commerce and Industry (KOCHAM ) in India.

At present, there are around 750 Korean companies operating in India, while Korea’s competitor, Japan, has more than 1400 Japanese companies here.

On this occasion, Commercial Attaché Cho Seong-joong also introduced to the participating representatives of Korean companies the Fast Track Mechanism (FTM), a platform for resolving investment barriers between Korea and India that the Korean embassy launched last year in cooperation with the Directorate General of Industrial Policy (DPIIT), India. He urged Korean companies to utilize this platform with more participation.

While emphasizing moving forward with a sense of urgency, resolve, and commitment to strengthening Korea’s competitiveness, the new KOCHAM India president, Simon Lee (이시연Lee Si-yeon), Managing Director of Hyosung India, said the global trade environment this year is expected to pose significant challenges and uncertainties. He added that the continued economic slowdown and growing geopolitical instability were likely to bring even tougher conditions.

“Despite a challenging external environment last year—marked by the global economic slowdown, escalating geopolitical tensions, increasing exchange rate volatility, and the intensification of protectionism—our trade sector made remarkable progress. Korea achieved a record-breaking export performance of USD 683.8 billion, climbing two ranks to become the world’s sixth-largest exporter,” Lee said, adding that Korea maintained over USD 1 trillion in total trade for the fourth consecutive year, reinforcing its position as a major global trading power.

As regards India, he said, “Exports to India rose by 4.2% year-on-year, reaching USD 18.6 billion, while imports decreased by 4.4% to USD 6.4 billion, resulting in a historic trade surplus of USD 12.2 billion with India.”

During the AGM, KOCHAM India also distributed a book titled “India Business Guide 2025, ” jointly published by KOCHAM India, the Korea International Trade Association (KITA), India, and the Embassy of the Republic of Korea, New Delhi.