Seminar helps Korean firms explore Indian markets

By Kim Joo-heon Posted : April 5, 2024, 16:05 Updated : April 5, 2024, 16:27
Courtesy of the Federation of Middle Market Enterprises of Korea
[Courtesy of the Federation of Middle Market Enterprises of Korea]

SEOUL, April 05 (AJU PRESS) - In a bid to help South Korean companies enter the Indian market, the nation's middle market enterprise federation, FOMEK, organized a seminar. Representatives from the Indian Embassy in Seoul and India's Chamber of Commerce provided insights on the Indian business environment and support plans for South Korean investment in automotive, particularly electric vehicles, and electrical and electronic manufacturing.

During the forum on April 4, FOMEK's vice chairman Lee Ho-joon highlighted India's growth potential. "India achieved the highest economic growth rate among G20 nations, clocking in at 7.2 percent," Lee said. "The country has been focusing on the development of industries such as automotive, electrical, and electronic manufacturing, positioning itself as an attractive investment destination and business partner."

The conference was attended by entrepreneurs from South Korean mid-market firms including railroad manufacturer Woojin Industrial Systems and Krafton, a major game developer. During the seminar, Krafton's vice president Harns Kim shared a strategy behind "PUBG: Battlegrounds" successfully entering the Indian market. The online game currently has about 180 million users.

The Indian Embassy said it will support South Korean firms' entry to India in line with its plan to reach specific targets in the automotive and electric vehicle markets by 2030.
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