India Korea Economic cooperation

아주경제 Ruchi Singh(성균관대 에너지과학부 대학원생) = This article is mainly all about how our two countries can create a stronger, more dynamic economic partnership by combining their respective strengths and achievements. In economic terms, India and Korea are certainly quite different. But these very differences make our two economies highly complementary, and thus natural economic partners. Koreans and other observers are especially impressed by the diversity of the Indian economy. Its primary products sector covers a wide range of agricultural items and natural resources, while its manufacturing sector produces everything from the simplest handicrafts to jet aircraft and the most sophisticated machinery.

Korea is the fastest growing economy in the world. It is the world leader in the field of electronics, LED’s, smart phones, notepads etc. India, china and US are the biggest market for the Korean companies. So, to strengthen the Korean economy, it’s necessary to build up an economic cooperation between India and Korea. Many Korean companies desire to set up a market and make some clients in India. But, because of some language, culture and other barriers, they end up finding difficulty to grasp the Indian market which could have been very beneficial for them. Same happens when they want to invest and open a business in India, they find little difficult to have market research there in India specially small and medium scale Korean companies. Businessmen from both countries need more precise and accurate information on each other‘s markets. This need can be largely met through increased exchanges of business missions, individual visits, and more frequent staging of trade exhibitions. To be fully effective, these activities will in many cases require active government support. Korea offers a large potential market for many of these items, especially raw materials, but also many kinds of manufactured goods. By the same token, Korean businessmen are convinced that there exists an equally large potential market for their products in India It is important to recognize that economic cooperation between India and Korea is not and should not be limited to conventional trade relations. Industrial and technological cooperation is also of critical significance to the future of our two countries’ economic partnership. This area was largely unexplored until the early 1980s. But in just the last few years, Indian and Korean businessmen have collaborated in a total of 36 projects.

Most of these are relatively modest in scale, but they constitute a good beginning. In the long run, I think, the most successful Indian-Korean joint ventures will be those that can harmoniously combine Indian science with Korean engineering expertise. The most effective means of strengthening economic cooperation between India and Korea is to assist the small scale and medium scale companies to extend their business in India and vice versa. We can transform our bilateral relations into a model partnership between two developing countries. This will require the active support and collaboration of business, government, and the academic community.

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