Korean Minister highlights huge opportunity in clean energy
South Korea’s outstanding manufacturing foundations such as electronics, automobiles, steel, must be combined with India’s world class ICT capabilities for the development of future industries, including EVs and batteries, as well as strengthen the resilience of regional supply chains, says Jeong Dae-jin, Deputy Minister for Trade.
Speaking at the India Korea Business Partnership Forum organized by Confederation of Indian Industry (CII) in partnership with Korea International Trade Association (KITA), on 10 Nov 2022, he also highlighted, “There is huge potential for cooperation in the clean energy sector, when it comes to realizing carbon neutrality.
“Under our carbon neutrality goals, Korea and India are endeavoring to reduce greenhouse gas emissions, through the deployment of renewable energies as well as the expansion of the hydrogen economy.”
Amit Kumar, the Indian Ambassador to Korea, added “There is vast potential for deepening the economic and commercial linkages between the two countries.
“India has witnessed consistent structured reforms and liberalization, relaxation of FDI norms, relentless focus on improving both digital and physical infrastructure and advancing social and financial inclusion over the past two years which has ensured sustained economic growth.
“Our rankings in ease of doing business, competitiveness and innovation have all improved, reflected in sustained FDI over the past few years.”
He elaborated, “Both India and Korea must work together to grasp emerging opportunities for cooperation both bilaterally and in multilateral forums such as the G20”.
The Korean Ambassador to India, Chang Jae-bok, pointed out, “In this era of geopolitical conflicts and economic uncertainty, mutually beneficial and friendly relations between Korea and India is becoming increasingly important.
“Many Korean manufacturing companies investing in Korea are creating jobs, expanding exports and transferring technology. Improving business environment for Korean companies and early conclusion of the negotiations to upgrade CEPA will benefit both Korean and Indian companies as well as our people.”
Sumita Dawra, Special Secretary, DPIIT, noted, “Korean companies have been investing in the traditional sectors in India.
“However, among 600 plus present here, we see their interests diversifying into various sectors including food processing, renewable energy, pharmaceuticals, medical devices, startups, hydrogen energy, IT and defence.
“Next year when the business delegation from Korea visits India, we would be very happy to chart a programme of mutual interest and handhold them.
“Further, we would like to do an investment roadshow in Korea at the earliest, setting the stage for the visit next year and building our business network,” she said.
Jeong Marn-ki, Executive Vice Chairman, KITA, observed, “To prepare for the post-oil era, India also has concentrated its national capabilities on renewable energy development to meet the international carbon neutrality standards.”
He further added that India was mainly focused on solar and wind among energy sectors while Korea had a competitive edge in nuclear and hydrogen energy.
“CII and KITA have built very strong relations over years and this is an excellent platform for partnership for businesses and also for strategic partners across the countries,” said Deep Kapuria, Co-Chairman, CII International and Trade Policy Council and Chairman, The Hi-Tech Group.
MSMEs are the backbone of both Indian and Korean economies and there is a huge opportunity in this space which will help in employment growth and better quality of life, added Piruz Khambatta, Chairman, CII National Committee and Group Chairman, Rasna Private Limited.
“Financial services and startups are another area where Indian and Korean businesses can do a lot together.” fiinews.com
