CII Confederation of Indian Industry : Korea and India need to leverage the synergies and complementarities of their economies: Anil Wadhwa

The transformation of the India-Korea relationship into a special strategic partnership is indicative of the importance both countries attach to our collaboration. This was stated by Mr. Anil Wadhwa, Secretary (East), Ministry of External Affairs, Government of India at the Valedictory Session of the India Korea Business Summit being organized by the Confederation of Indian Industry (CII) in collaboration with The Chosun Ilbo, the Ministry of Trade, Industry and Energy, Government of Korea and the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Government of India here today.

Mr. Wadhwa was of the view that there was a need to actively identify and leverage the synergies and complementarities of our economies. He pointed out that India offers to Korea opportunities ranging from building 50 million affordable housing, metro rail networks, 100 smart cities and much more. The Make in India initiative is a notable step in providing the policy infrastructure for foreign investors to enter the country.

In addition, Korea is known world over for their strength in shipbuilding and India is working on expanding to ship building capabilities. This provides a tremendous opportunity. Korea's hardware industry has made a name for itself globally. India and Korean cooperation in this sector, especially in the Digital India campaign, will go a long way.

Summing up the discussion of the two-day Summit, Dr. Naushad Forbes, President Designate, CII and Director, Forbes Marshal stated that here was a need to focus on some key areas and projects. These include infrastructure, roads and highways, ports, inland waterways, maritime and shipbuilding, and of course consumer goods, where Korean companies have already made significant headway. In all these areas, India's needs go beyond financing, into management skills, implementation of technological projects, and the conceptual and sophisticated focus on high-quality manufacturing - South Korea can contribute in all these are areas.

He was of the view that India-Korea cooperation should not be limited to big conglomerates. The focus should also extend to the SMEs.

According to Mr. Kim Jaehong, President and CEO, KOTRA, cooperation between India and Korea has become even more robust, going beyond trade and investment into new areas like cultural cooperation. The expansion of the CEPA and the possible implementation of the Korean investment zone are both things to look forward to.

He observed that the Summit was taking place in 2016 i.e. exactly 20 years after major Korean companies started investing in India. These Korean companies have had such success in India that they have become household names. In particular, Hyundai and Samsung are planning new large-scale investments in India. Korea being one of the leaders in the global value chain will benefit from working with India in contributing to this value chain.

Earlier, welcoming the participants, Mr. Chandrajit Banerjee, Director General, CII stated that Korea is well poised to play a central role in the key initiatives of the Government of India such as Make in India and Digital India.

New Delhi
January 15, 2016