Business Development Committee

The Business Development Committee between India and South Korea plays a crucial role in fostering economic cooperation, trade relations, and investment opportunities between the two nations. This committee, often formed as part of government and private sector initiatives, aims to enhance bilateral trade, encourage joint ventures, and promote technology exchange in key industries.

Impact on Economic Growth

The committee has significantly contributed to increasing bilateral trade, which crossed $27.8 billion in 2022, and enhanced South Korean investment in Indian manufacturing, especially in the automobile and electronics sectors. Major South Korean companies like Samsung, Hyundai, and LG have expanded their operations in India, while Indian companies are exploring opportunities in South Korea’s technology and pharmaceutical industries.

The India-South Korea Business Development Committee serves as a vital bridge for economic collaboration, ensuring sustained growth and new business opportunities. Strengthening this partnership will further drive economic progress, innovation, and strategic cooperation between the two nations.

Key Objectives:

  1. Enhancing Trade Relations

    • Strengthening bilateral trade through policy recommendations and trade facilitation.

    • Addressing trade barriers and improving market access for businesses from both countries.

  2. Investment Promotion

    • Encouraging investment in sectors like manufacturing, technology, infrastructure, and renewable energy.

    • Facilitating partnerships between Indian and South Korean firms.

  3. Technology and Innovation Exchange

    • Supporting collaboration in areas such as electronics, automobile manufacturing, semiconductors, and 5G technology.

    • Encouraging research and development (R&D) projects between businesses and academic institutions.

  4. Support for SMEs and Startups

    • Providing platforms for small and medium enterprises (SMEs) and startups to network and expand internationally.

    • Conducting trade fairs, business summits, and networking events.

  5. Policy and Regulatory Cooperation

    • Advising governments on business-friendly policies.

    • Working on trade agreements like the Comprehensive Economic Partnership Agreement (CEPA).

Major Initiatives and Forums:

  • India-Korea Business Summit: An annual event bringing together policymakers and business leaders to discuss opportunities.

  • Korea Plus: A special initiative by the Indian government to facilitate South Korean investments in India.

  • CEPA (Comprehensive Economic Partnership Agreement): A trade agreement aimed at reducing tariffs and boosting trade.

  • Joint Working Groups: Focus on specific sectors like ICT, infrastructure, and defense.