- HDCCI and BCCI sign MoU to strengthen India–South Korea trade.
- Focus on manufacturing, renewable energy, and digital technology collaboration.
- Aims to drive sustainable growth through joint ventures and partnerships.
The PHD Chamber of Commerce and Industry (PHDCCI) and the Busan Chamber of Commerce and Industry (BCCI) from South Korea signed a Memorandum of Understanding (MoU) in New Delhi to enhance trade and industrial collaboration between the two nations.
The MoU seeks to promote cooperation in manufacturing, renewable energy, digital technology, maritime logistics, and new industries. It aims to promote business collaborations, investment alliances, and knowledge exchange between companies from India and South Korea.
Yang Jae Saeng, President of the Busan Chamber of Commerce and Industry, stated the agreement would enhance closer collaboration between enterprises in both nations. “Busan is transforming into a hub for smart logistics, electric vehicles, and digital technology. India’s growing manufacturing base provides opportunities for collaboration,” he said.
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Kalyan Swaroop, Co-Chair of the International Affairs Committee at PHDCCI, greeted the delegation and emphasized the government's emphasis on growth driven by investment. “India offers opportunities in electric vehicles, renewable energy, and maritime industries. We invite South Korean enterprises to participate in these sectors,” he said.
PHDCCI's CEO and Secretary General, Dr Ranjeet Mehta, stated that the chambers have collaborated since 2016 via different business delegations and exchange initiatives. “With South Korea’s technological strengths and India’s manufacturing ecosystem, this partnership can create sustainable growth,” he said.
Deputy Secretary General, Naveen Seth, stated that PHDCCI would help South Korean companies grow their operations throughout Indian states and enhance bilateral trade. Sanat Kumar, Chief Economist of PHDCCI, presented an overview of possible collaboration opportunities within the Indian economy. The meeting ended with both chambers reiterating their dedication to fostering joint ventures, industry collaborations, and enhanced economic ties between India and South Korea.