On April 8, 2021, a Memorandum of Understanding (MOU) was signed between the two leading business organizations viz. Invest India and Korea SMEs and Start up agency (KOSME) through virtual mode. During the signing ceremony, Ambassador of India, H.E. Ms. Sripriya Ranganathan and Ambassador of Korea, H.E. Mr. Shin Bong-gil gave congratulatory remarks. Ambassador Ranganathan extended a wholehearted support to both the organizations in order to help Korean companies explore business and investment opportunities in India. Ambassador Shin expected a further improvement in trade relations between the two countries taking into consideration complementary policies of New Southern Policy (NSP) of ROK and Act East Policy of India. The President of KOSME, Mr. Kim Hak-do, during his remarks expressed hope that this MOU will provide an extensive support for Korean companies to expand in the Indian market with the help of Invest India. The CEO of Invest India Mr. Deepak Bagla, considered this signing ceremony as a important moment as it will further deepen the penetration of Korean products in India. As per the scope of collaboration under MOU, both sides will work closely with each other especially in exchange of information on investment promotion activities and services, start up related opportunities and general updates on the start up ecosystem in their respective countries. This MOU will also make avail opportunities for Korean SMEs in order to understand an Indian market in more detail. Both organizations will explore creation of joint events and programs with India Korea Start up Center (IKSC). This ceremony was attended by officers from Embassy of India, senior KOSME executives and Invest India officials. Due to prevailed COVID-19 situation, signing ceremony took place in a virtual mode.
India-ROK bilateral trade has been recorded at more than US$20 billion per annum from 2017-2019. As on date, over 1300 Korean companies have operations in India. Two way investment amounts to US$ 10 billion.
