India-South Korea Current Affairs

India-South Korea Technology Exchange Centre inaugurated in New Delhi

The India-Korea Technology Exchange Centre was inaugurated at National Small Industries Corporation premises in New Delhi. It was inaugurated by Minister of State (I/C) MSME Giriraj Singh and Minister of SMEs and Start-ups of South Korea, Hong Jong- hak.

India-Korea Technology Exchange Centre

The purpose of centre is to create platform for MSMEs of India and South Korea where they can be assisted to identify and exchange latest technologies, share management expertise, product development and technology applications for product development.

The centre will work towards identifying Indian technologies which can be exported to Korea and find suitable Korean partners for the same. It will initiate various cooperative MSME projects complimenting each other’s strengths in MSME sector.

It will also create Technology Data Bank from each side to encourage technology transfers, production of high quality products in India. It will also encourage Joint Ventures (JVs) and business matching between Indian and South Korean SMEs, besides others.

Month: Categories: Business & Economy Current Affairs 2018

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Gujarat signs MoU with Korea Trade-Investment Promotion Agency to strengthen trade, industrial relations

Gujarat Government’s Industries and Mines Department has signed Memorandum of Understanding (MoU) with Korea Trade-Investment Promotion Agency (KOTRA) to strengthen trade, industrial relations. KOTRA is national trade and investment promotion organisation operated by South Korea Government.

Key Facts

The MoU was signed with aim to recognize mutual desire to further enhance and strengthen India (Gujarat) and South Korea trade and industrial investment relations and encourage ongoing dialogue and cooperation. Under this MoU, both Industries Department of Gujarat and KOTRA will assist each other to provide in-market support.

The priority sectors in focus under this MoU are chemical, petrochemical and pharmaceuticals; new and renewable energy; start-up ecosystem; textiles and apparels; urban infrastructure; Food Processing and Agro related industries; Skill Training and Development; Automobile, etc.

Background

Gujarat is a leading destination for foreign investment and bilateral trade. It is a key contributor to India-South Korea economic relationship. Gujarat’s export to South Korea was around $1 Billion in 2017-18, which is approximately 25% of India’s total export to South Korea. In recent past, South Korean companies in the field of manufacturing, textiles and chemicals have also expressed interest in investing in Gujarat.

Month: Categories: States Current Affairs - 2018

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