Korean Youth Commerce Association to support 100 young Korean entrepreneurs, startups in 2022

Sanjeev K Ahuja On Jan 21, 2022

Jin-bum KIM, President, Korean Youth Commerce Association in India

NEW DELHI: The newly formed NextGen trade body Korean Youth Commerce Association in India (KYC) to support Korean self-employed youths, micro-entrepreneurs, and start-ups, and attract more young entrepreneurs from South Korea to India, plans to handhold and assist about 100 young entrepreneurs and startups during the current year.

For this, the association will work closely with the Embassy of the Republic of Korea in India as well as will be supported by the state-run Korean Small and Medium Enterprises Association (KOSMA). In 2019, KOSMA had inked a mutual “help each other” agreement with India’s national MSME body – the Federation of Indian Micro and Small & Medium Enterprises (FISME) to assist each other in boosting investment and facilitating smooth entry and functioning of Korean SMEs into India but nothing moved as the Covid-19 pandemic struck the very next year.

Jin-bum KIM, President, Korean Youth Commerce Association in India told Asian Community News (ACN) Network that the newly created platform would reach out to all Korean young self-employed, micro-entrepreneurs, and startups in New Delhi and NCR towns, Mumbai, Chennai, Bangaluru, and other cities of India.

Euy Don Park, Chairman, Federation of Korean Associations in India announced the first president of the Korean Young Commerce Association recently.

“Though currently we are in the infancy stage but have very aggressive plans as the Korean young entrepreneurs are very enthusiastic and optimistic about this new platform. By the end of this year, we plan to reach out and support about 100 such entrepreneurs who have either set up their micro-enterprises and startups or are planning to launch their small and micro ventures in India,” said Kim, who also runs a chain of Korean restaurants Gung The Palace in Delhi and NCR towns.

He said that many young Korean entrepreneurs have set up restaurants, and internet technology (IT), e-commerce, web, and software-related projects with small capital investment.

“Such youngsters desperately need handholding, guidance, and support to setting up their ventures and making them successful. It is for the first time that Korean Youth Commerce Association has been set up in India. Many other countries in the USA, Europe, and Japan already have such associations dedicated to supporting young and small and micro self-employed entrepreneurs, and such associations have 2000-3000 young entrepreneurs and startups as members. We also plan to add more members slowly and gradually by reaching out to them across all cities of India,” Kim added.

Euy Don Park, Chairman of the Federation of Korean Associations in India and the brain behind the newly formed Korean Youth Commerce Association in India said that such a dedicated trade body was required to support and encourage young Korean entrepreneurs.

Euy Don Park who also happens to be the Vice–President of the Korean Chamber of Commerce and Industry (KOCHAM) in India, said, “Earlier many young Korean entrepreneurs attempted to set up businesses in India but many of them were not very successful and some of them even returned to Korea. That’s why we thought of floating an association just to support young entrepreneurs to handhold them and instill confidence in them for setting up their ventures in India by giving regular training, offering guidance, and facilitating them.”

During the launch of this association, the South Korean Ambassador Chang Jae-bok had said, “We plan to hold various diplomatic events together through organic communication and cooperation between our embassy and the Korean community for three years from 2022 to 2024. We hope that it will become an opportunity for further development.”