India and the Republic of Korea are two of the glorious functioning Democracies of Asia, sharing multiple cultural similarities, linguistic co-incidences, both being peninsular countries, a geographic similarity too. Diplomatic relations between the two countries was established in the year 1962 and was elevated to Ambassador level representation nine years later in1973.
But the bilateral trade was numerically negligent since the two countries took divergent models, Korea largely pursued an Economy accelerated by its Industrial Power houses and India followed a socialistic model, until its policy liberalization in the year 1991.
Trade was largely miniscule and stagnant between the two nations until 1991, but post that there was a consistent double-digit growth in the bilateral trade, very few years being an exception.
India’s exports to Korea stand at 4.7 Billion with a share of 1.42%, imports from the latter is valued at almost 14.5 Billion for the year Apr-Mar 2018-19. To ensure maximum utility of the trade pact and to propagate the various legitimate entitlements one can avail through this agreement, think tanks of KOTRA had launched a CEPA SUPPORT CENTER CHENNAI, exclusively to cater the business houses in South India.
The inauguration was held on September 05th at Taj Coromondoel, Chennai in a posh manner. The ceremony witnessed various stakeholders from Korea and the Indian contingent was represented by Minister of Small & Medium Enterprises, Govt. of Tamilnadu Mr.Benjamin, Principal Chief Commissioner of Customs Mr. M.Ajit Kumar and various other dignitaries. The event witnessed scores of Participants from various walks of industries.
Speakers from Indian Customs and Govt. of Tamilnadu had taken thorough the audience on various topics that included Ease of Doing Business, India Korea Bilateral Trade Relations, and Investment Climate for Korean Enterprises in Tamil Nadu etc.
The official appointment of Agencies by Kotra Chennai to take up the Grand vision of elevating the bilateral trade was the center-piece of attraction.
The Support Center one of the rarest of its kinds in-housed in an Office of the Mission exclusively to support the Enterprise and Logistics community to understand the intricacies of the benefits and utilize it as and when the opportunity summons.