1. KOINDEX 2024: A Mega Korea-India Industrial Exhibition
KOINDEX 2024 was a landmark event, showcasing the growing Korean industrial presence in India. The exhibition featured over 500 Korean companies from diverse sectors like HVAC, smart cities, healthcare, cosmetics, food technology, and gaming. Organized by KINTEX, Messe Esang, and KOTRA, it was held at the Yashobhoomi Convention Center in Delhi. The event facilitated buyer-seller meetings, conferences, and seminars, strengthening business collaborations between the two nations. It also featured cultural attractions like the Korea Kimchi Festival and a K-Pop contest, symbolizing the merging of business and cultural diplomacy.
2. Korea-India Business Forum:
As part of KOINDEX 2024, the Korea-India Business Forum was held on November 22, 2024, bringing together high-ranking officials and business leaders from both countries. The forum focused on boosting trade and economic ties, with the aim of achieving a bilateral trade target of USD 50 billion by 2030. Key discussions centered on industrial safety, healthcare, and disaster management, emphasizing the shared commitment to sustainable growth and technological advancement.
3. Steady Growth of Korean Companies in India:
The number of Korean companies operating in India is expected to surpass 1,000 soon, driven by increasing investment and collaboration. Key players like Samsung, Kia, and Hyundai continue to anchor the presence of Korean businesses, attracting a growing network of SMEs and component suppliers. The influx of Korean startups and micro-entrepreneurs is also on the rise, supported by trade bodies like KOTRA, KITA, and KOSME. New initiatives such as the Korean Young Commerce Association are helping young Korean entrepreneurs establish a foothold in India.
4. Key Trade and Investment Trends:
India remains a key market for South Korean companies seeking to leverage the nation’s vast consumer base. New bilateral trade pacts are being discussed, with a focus on sectors like chemicals and telecommunications. Investments are also flowing into new-age industries, such as renewable energy and eco-friendly technology, as part of the KOREA ENVIRO-TECH EXPO. These efforts are part of a larger goal to meet the USD 50 billion trade target by 2030, a significant leap from earlier trade volumes.
These developments highlight South Korea’s long-term commitment to India as a strategic trade partner, with growing investments across multiple sectors. The increasing presence of Korean companies and cultural collaborations underscore the strengthening of diplomatic and economic ties between the two countries.