The bilateral trade between India and Korea will get a major boost with the Korea Trade Promotion-Investment Agency (KOTRA) opening its office in Ahmedabad, said Shin Bong-kil, Republic of Korea’s ambassador to India, on Thursday.
Speaking at the inauguration of KOTRA’s office in Ahmedabad, he said, “I hope the KOTRA office in Ahmedabad helps catalyze Korean investments to India, particularly, Gujarat. More than 400 Korean companies operate out of India while there are only 10 Korean companies in Gujarat and therefore, there is a great opportunity.”
“During the Korean president’s visit to India in July last year, KOTRA and the Gujarat government signed a Memorandum of Understanding, to work together to help Korean companies enter Gujarat and open our trade office in Gujarat. Today I am happy to see the outcome of that MoU. Gujarat is the focal point of Indian trade. The bilateral trade between India and Korea amounts to the US $20 billion,” said the deputy minister of trade of the Republic of Korea, Yong Rae Kim, who was also present at the ceremony.
“KOTRA has played an important role in the extension of Korea’s trade around the world, since its foundation. It has helped Korean companies contribute to India’s economic growth and assisted Indian companies to enter the Korean market. The Korean government is committed to extending bilateral cooperation to India,” he added. KOTRA has five offices in India including New Delhi, Chennai, Bengaluru, Mumbai and Kolkata.
Published: 2019-01-18, The Times of India