Are you going to India? Ask the Ministry of Foreign Affairs

The Ministry of Foreign Affairs held a meeting on April 16 (Wednesday) with businesspeople and related experts in India, chaired by Director-General for Asia-Pacific Affairs Kim Sang-hoon, on ‘Support Measures for Korean Companies Entering India.’ Today’s meeting was held for the third time following the first and second half of last year, with the aim of hearing opinions from Korean companies entering India and discussing ways to resolve difficulties.

  ※ Participating companies (in alphabetical order): Lotte Welfood, Mirae Asset Securities, Samsung Electronics, Simtek, HD Hyundai Construction Equipment, SD Biosensor, Krafton, Hyundai Motor Company, Hyosung TNC

  ※ 2024 Meeting: March 27 (Wed), October 22 (Tue)

  Director Kim said, “India is the world’s most populous country and an economic powerhouse with an annual growth rate of over 6%, making it a very important partner for our diplomacy and economy.” Director Kim also emphasized that more than 500 Korean companies are currently actively operating in India, and that the advancement of Korean companies into India is a key axis of the ‘Korea-India Special Strategic Partnership’ that is celebrating its 10th anniversary this year. He added that the Korean government will actively support Korean companies that have advanced into India so that they can operate stably.

  ※ May 2015, Korea-India “Special Strategic Partnership” relationship established

  In addition, at this meeting, Kim Kyung-hoon, head of the India and South Asia team at the Korea Institute for International Policy (KIEP), presented on the current state of the Indian economy and economic policy keynotes. The participating companies exchanged opinions on the current status of their activities in India and conditions for local advancement, and presented issues regarding advancement and requests for support from our government.

^{Meanwhile, our government held a meeting to launch the Korea-India Fast Track Mechanism (FTM *} )  in December last year , thereby strengthening the foundation for resolving local difficulties.

* A system that allows our Indian investment companies to directly raise issues with the Indian government and relevant ministries, scheduled to be held twice a year (Chief Representative: Minister of the Embassy of the Republic of Korea in India – Director General of the Industrial Promotion Agency of India) / The first meeting will be held in New Delhi on December 6, 2024

  Going forward, the Ministry of Foreign Affairs plans to strengthen communication by continuously holding meetings to ensure that our companies advancing overseas can operate stably in line with the changing international economic situation, and provide support in various ways to resolve difficulties.