NOVEMBER, 20259TOP STORIESINDIA, SOUTH KOREA TRADE TIES STRENGTHEN WITH PHDCCI MoUThe PHD Chamber of Commerce and Industry (PHDCCI), and the Busan Chamber of Commerce and Industry (BCCI) signed a memorandum of understanding (MoU) recently in New Delhi, India, to promote and facilitate the trade and industrial cooperation between India and South Korea.The MoU also includes the manufacturing, clean energy, digital technology, maritime, logistics, and other emerging and future industries, which will allow businesses and partnerships for investment to share knowledge and enhance their existence.PHDCCI and the Busan Chamber have signed an MoU to enhance India-South Korea trade, focusing on bilateral trade, investment, and fostering deeper business cooperation between the two countries.President of the Busan Chamber, Yang Jae Saeng, mentioned that the accord would facilitate the development of at least two more links in the form of business collaborations between the two nations.He added, "Busan is transforming into a hub for smart logistics, electric vehicles, and digital technology. India's growing manufacturing base provides opportunities for collaboration".He also mentioned the trade between Korea and India has reached $25.1 billion in 2024, and thus the partnership will not only help but also be an important factor in the cooperation among the three, i.e. trade, technology, and investment, areas.Kalyan Swaroop, Co-Chair of the International Affairs Committee at PHDCCI, welcomed the South Korean delegation and highlighted the Indian government's emphasis on growth driven by investment.He noted, "India offers opportunities in electric vehicles, renewable energy, and maritime industries. We invite South Korean enterprises to participate in these sectors".PHDCCI's CEO, Dr Ranjeet Mehta added that both chambers have worked together since 2016 with several delegations and exchange programs. "With South Korea's technological strengths and India's manufacturing ecosystem, this partnership can create sustainable growth", he added.The meeting wrapped up with PHDCCI re-stating its backing of businesses in South Korea looking to expand into India and establish joint ventures, deepen partnerships in industry, and foster economic relations between the two countries. IMRIndian firms are looking at increasing investments and cooperation with Romania in an array of sectors such as automotive, aerospace and defense, renewable energy, engineering services and ICT.A business delegation from India, headed by the Minister of State for Commerce & Industry, Jitin Prasada, visited Romania and attended the India­Romania Business Forum recently.India and Romania are strengthening trade ties through en-hanced defence collaboration, aerospace partnership, and renew-able energy initiatives, while also boosting bilateral investment and cooperation in the automotive industry.The business Forum, organized by the Chamber of Commerce and Industry of Braov (CCIBv) in association with the Embassy of India in Bucharest and the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India, provided for engaging discussions and opportunities for partnerships.In a statement, the Commerce Department stated, "The engagement focused on expanding bilateral investment and industrial cooperation between the two countries, bringing together business leaders from priority sectors such as automotive, aerospace, defence, renewable energy, engineering services, and ICT".Earlier this week, Minister Prasada met with his counterpart, Oana-Silvia oiu, Minister of Foreign Affairs of Romania in Bucharest. The bilateral discussions centered on increasing trade, attracting investment, and strengthening resilient supply chains within the broader India-EU economic architecture.The statement noted, "Both sides agreed to work towards the conclusion, within this year, of a fair, balanced, and mutually beneficial India­EU Free Trade Agreement (FTA), in line with the political direction set for the ongoing negotiations".Prasada addressed the forum to showcase India's rapidly growing economy and invited Romanian firms to participate in India's manufacturing and innovation ecosystem, including the Make in India initiative and the Production Linked Incentive (PLI) schemes.The statement added, "The session also featured the signing of Memoranda of Understanding (MoUs) and matchmaking interactions to explore joint ventures and technology partnerships between Indian and Romanian companies".India's exports to Romania exceeded $1.03 billion in FY 2024-25 and bilateral trade reached $2.98 billion for FY 2023­24.The two countries agreed to enhance supply chain linkages in sectors such as petroleum, engineering goods, pharmaceuticals and ceramics as well as explore synergies in standards, testing, and investment opportunities. IMRINDIA, ROMANIA TO EXPAND TIES IN AUTO AND ENERGY SECTORS
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