Korea-Gujarat Economic Cooperation Forum Takes Center Stage at Vibrant Gujarat Global Summit 2024

With a view to promoting bilateral economic ties and fostering favorable business conditions, the Korea-Gujarat Economic Cooperation Forum took the center stage at the Vibrant Gujarat Global Summit 2024 on January 10. Led by Chang Jae Bok, Ambassador of the Republic of Korea to India, a high level delegation and top management of renowned Korean companies -Hanwha Aerospace (K-9 Vajra T), POSCO, Indian company Zydus Lifesciences and others attended the 10th edition of Vibrant Gujarat Global Summit 2024.

Korea-Gujarat Economic Cooperation Forum takes center stage at Vibrant Gujarat Global Summit 2024

The forum, organized by the Korean Embassy in India, KOTRA (Korea Trade-Investment Promotion Agency) India- Korea Business Cooperation Center, and CII (Confederation of Indian Industry), brought together approximately 150 key stakeholders, including government officials, industry leaders, and businessmen from South Korea and Gujarat.

Korea-Gujarat Economic Cooperation Forum takes center stage at Vibrant Gujarat Global Summit 2024

South Korea forms the key partner country of the Vibrant Gujarat Global Summit 2024 that also celebrated “20 Years of Vibrant Gujarat as the Summit of Success.“

While addressing the Forum, Ambassador Chang Jae Bok said, “Fueled by this deep-rooted entrepreneurial spirit and supported by the state government’s business friendly policies, Gujarat has achieved remarkable success. Under the leadership of the Honorable Prime Minister Narendra Modi, Gujarat has emerged as a model state for economic development in India. As Gujarat economy flourishes and its investment environment continues to improve, the interest from Korean Companies is burgeoning. I am confident that Korean Presence in Gujarat is poised for even greater expansion.”

The primary objective of the Korea-Gujarat Economic Cooperation Forum is to build strong ties and explore new avenues for collaboration between two countries.

Mr. Byung Kwan Kim, Chairman of KOIMA (Korea Importers Association) said, “KOIMA recognizes the significance of the Korea-India relationship and will put together all its capabilities to promote Korea’s trade partnership with India by increasing imports and strengthening policy coordination with the Korean government.”

Ms. Jeongseon Lee, Director from India- Korea Cooperation Center mentioned in her presentation that, “Major transformations are taking place in the global value chain, and these changes can potentially lead to new prospects for collaboration between India and Korea. By capitalizing on these shifts, both nations can join forces to transform the GVC, particularly in the emerging future industries especially those aligned with carbon neutrality and digital transformation where value chains are only just starting to take shape.“

Mr. Rupesh Kuchhal, Director Hanwha Aerospace, Mr. Satyen Dalal, GM, POSCO, and Mr. Jay Kothari, SVP, Zydus Lifescience, USA, also shared their experience and opinion on how to bolster cooperation in diverse sectors, including defense industries, carbon neutrality, and bio-pharmaceuticals- all areas with immense potential for bilateral collaboration.

Mr. Piruz Khambatta, member of CII National Council and Honorary Consul of Korea in Gujarat, and Mr. Dammu Ravi, Secretary, Ministry of External Affairs also addressed the forum and emphasized on boosting the economic relations between two countries.

Vibrant Gujarat Global Summit, conceptualized in 2003 under the visionary leadership of Narendra Modi, Prime Minister of India (the then Chief Minister of Gujarat), has today evolved as one of the most reputed global forums for business networking, knowledge sharing and strategic partnerships for inclusive growth and sustainable development.