With the full backing of the Indan Embassy opened its doors yesterday, becoming the 14th organization of its kind here and joining the ranks of the American Chamber of Commerce in Korea and the European Union Chamber of Commerce in Korea.
“Over the past three years, trade between Korea and India increased 100 percent, and last year [trade] volume reached $15 billion,” Kim Jong-shik, chairman of the Indian chamber and chief executive of Tata Daewoo Commercial Vehicle Company, said during a gathering at a hotel in central Seoul to celebrate the opening. “Around 380 Korean companies are currently promoting business in India.
And Indian companies including the Tata Group and the Aditya Birla Group are actively and successfully investing in Korea.”
The closer ties between Korean and Indian businesses stem in part from a bilateral agreement the two signed last year to break down tariff barriers. The agreement, which encourages businesses in each country to invest more freely in the other nation, took effect this year.
“Specifically, Hyundai Motor built its plant near Chennai, and many other Korean companies continue to increase their investment in India,” Finance Minister Yoon Jeung-hyun said at the gathering.
“On the other hand, India’s Tata Group was successful in entering Korea and has been producing commercial vehicles for the Korean market.”
The minister added that “despite such a rapid increase in bilateral trade and investment, there are still large opportunities for cooperation and further growth.”