India, South Korea Trade Ties Strengthen with PHDCCI MoU

• PHDCCI & BCCI signed an MoU to boost trade and cooperation in key sectors
• The agreement aims to promote business exchanges, investment, and knowledge sharing
• Both chambers pledged to support South Korean companies expanding in India

The 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”.

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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.