“We are planning to take a Korean Delegation for the Automobile Components manufacturer to India in the near future and will be facilitating 1:1 meetings with the Indian car and components manufacturers,” said Chairman Anil Sinha of the Indian Chamber of Commerce in Korea (ICCK).
In an interview with The Korea Post media, publisher of 3 English and 2 Korean-language news publications since 1985, Chairman Anil Sinha said, “Additionally we are planning to have meetings with the related associations. The purpose of this delegation is to find more opportunities for the Korean and Indian companies looking for new technology and advancement.”
He also said, “This year India has received the G-20 presidency where the high level delegation from South Korea will be visiting India to attend this meeting. Other activities will be held parallel between India and Korea.”
The followings are excerpts from an interview with Chairman Anil Sinha of the Indian Chamber of Commerce in Korea (ICCK).
Question: Please introduce brief history of ICCK in Korea.
Answer: ICCK’s vision is to play a vital and valuable role in the economic development and trade promotion between India and Korea. The Indian Chamber of Commerce in Korea (ICCK) was launched after the Comprehensive Economic Partnership Agreement (CEPA) was made effective in January 2010.
ICCK realizes the vision by fostering economic development and enhancing the quality of trade between India and Korea: AWARENESS – Sharing business and cultural information on India to Korean businesses and vice-vera. DEVELOPMENT – Promoting Indian investment in Korea and Korean investment in India that leads to economic and cultural development. ADVOCACY – Advocating and supporting trade policies that increase commercial relations between the two countries and improve the quality of trade.
Currently, ICCK it is now almost 13 years young and has being steadily growing membership base of around 65 members. We help to connect Korean and Indian businesses to explore mutually beneficial opportunities.
As a representative of the industry, ICCK serves as the first port of call for the broader business community and works with the government to raise awareness on sector-specific policy and assist in building consensus on trade, commerce and investment issues. ICCK also creates business and networking opportunities with business programs and provides consulting services in trade between India and Korea, and facilitates the establishment of commercial contacts. Through the extensive networks, ICCK provides information on cultural, business, and commercial aspects to businesses and entrepreneurs seeking to explore partnerships and markets in both Korea and India.
Q: Please let us know the major achievements and contributions made to the Korea-India economic development to date.
A: ICCK holds various activities for the business communities like Business seminars, Speaker’s forum, Knowledge Sharing session along with that chamber do hosts various State Government Visits. These visits are led by the Minister’s and Bureaucrats who share the insights of their specific state in terms of Sector Specific Policy, Incentives and etc.
Chamber also shares various other information through Monthly Newsletters and Economy Updates to their member companies. Lastly chamber also assist the member companies in the following domain like sharing the information to companies for Direct Investment/Joint Venture/Technology Transfer.
In Q3 2022 ICCK has facilitated two the state government visits from Tamil Nadu and Uttar Pradesh States the purpose of the visit was to promote the upcoming Investor summit’s in India and to promote Korean Investments in their respective state.
As you are aware that ICCK is under the umbrella of Embassy of India in ROK the governmental visits are backed by the Embassy of India. Additionally, we do other collaborative events with the embassy to promote the bilateral trade between both the countries.
Q: Please introduce outstanding Indian companies in Korea.
A: There are many prominent Indian Companies doing business here in Korea, and I would like to introduce some of the major companies who are also the member of ICCK.
In Automobile sector Tata Motors Limited, acquired Daewoo Commercial Vehicle based in Gunsan, Korea for a total price of KRW 120 billion (approximately US$ 102 million) in March 2004. Its cumulative investment now is over US$ 400 million. Tata Daewoo has shown remarkable achievements, increasing exports five-fold, sales three-fold and the number of employees by about 60% to 1,350, compared to that of 2004.
Novelis Korea is a subsidiary of Hindalco Industries Limited, an industry leader in aluminum, copper and metals; and a flagship company of the Aditya Birla Group based in Mumbai, India. Also is the global leader in aluminum rolled products and the world's largest recycler of aluminum. Novelis Inc., a subsidiary of Hindalco Industries Ltd., the flagship company of the Aditya Birla Group, acquired Alcan Taihan Aluminium Ltd. in January 2005.
Novelis Inc. holds 68% share amounting to about US$ 600 million in Novelis Korea Ltd, which is Asia’s number one manufacturer of aluminum rolled products with state of art production facilities in Yeongju and Ulsan, and employs more than 1,200 employees. Novelis’ total investment in Korea is over US$ 700 million.
HCL Technologies is a next-generation global technology company that helps they are provide products and services, such as hardware and software solutions, through passion for innovation and optimal operation, to further economic development. Through its worldwide network of R&D facilities and co-innovation labs, global delivery capabilities, and over 159,000+ ‘Ideapreneurs’ across 50 countries, HCL delivers holistic services across industry verticals to leading enterprises, including 250 of the Fortune 500 and 650 of the Global 2000. HCL is currently growing exponentially in the South Korean market.
State Bank of India (SBI) started its South Korea operations in 2016 The Seoul branch is to provide a wide range of services, with the focus on corporate financing for Indian companies planning to come here and for Korean firms operating in India. It also aims to expand its realm to loan services and project financing, SBI is the largest bank in India with 16,333 branches in India and 194 international offices in 36 countries. State Bank of India Group has an asset size of USD 400 billion. Country rank No1 & India’s only Bank in Fortune 500.
Air India journey took off in 1932, when Bharat Ratna J.R.D Tata formed an Airline, realising his dream. The first Indian to receive a commercial pilot’s license, it was his passion for flying that had sparked Air India’s origins on 2022 January 27th, Air India has been welcomed back to the Tata Group and is poised to soar high - redefining its goals & approach with focus on overall excellence & customer-centric processes
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering, and assurance services. TCS Korea branch was founded in year of 2003. In Korea, their key business segments are Engineering & Industrial Services, IT consulting Services, and Infrastructure Services.
Q: We are celebrating Korea-India 50th anniversary. Please let us know special economic events scheduled this year.
A: Yes, India- Korea both the countries are celebrating its 50th Anniversary of establishment of diplomatic relations this year. Following this year both the governments will deepen their strategic partnership by strengthening strategic communication through regular high level engagements and also for deep cooperation in various sectors, including trade investment, security and defense, science technology, and cultural and people to people exchanges. Also this year India has received the G-20 presidency where the high level delegation from South Korea will be visiting India to attend this meeting. Lastly other activities will be held parallel between both the countries.
Q: Please let us know your major business objectives this year.
A: As ICCK, our main objective is to promote Indian investment in Korea and Korean investment in India leading to cultural and economic development.
Similarly sharing business information on India to Korean counterparts and vice versa.
Advocate and support trade policies that increase commercial relations and improve quality and quantity of trade between India and Korea.
Soon we are planning to take a Korean Delegation for the Automobile Components manufacturer to India and will be facilitating 1:1 meetings with the Indian car and components manufacturers. Additionally we are planning to have meetings with the related associations. The Purpose of this delegation is to find more opportunities for the Korean and Indian companies looking for new technology and advancement.
On the other hand, we will planning to support few other domestic events in South Korea In Which we are looking to invite Indian companies to promote their Products into the Korean market through Korean trade and fair exhibition. This will lead to increase the bilateral trade between both the countries and increase and support the SME companies in both the countries. Mainly focused items will be Cotton, Tea, and Coffee etc.