The chambers of commerce and industry of India and South Korea signed an agreement on Tuesday to enhance bilateral trade and industrial cooperation across key sectors, including manufacturing, clean energy, digital technology, and emerging industries.
The PHD Chamber of Commerce and Industry (PHDCCI) signed a Memorandum of Understanding (MoU) with the Busan Chamber of Commerce and Industry to increase trade between the two countries in various established and emerging sectors for greater business exchanges, investments, and knowledge sharing.
“Busan is fast transforming into a global hub for smart logistics, EVs, and digital technology, while India’s rapid economic growth and strong manufacturing capacity present valuable opportunities for collaboration,” said Yang Jae Saeng, President, Busan Chamber of Commerce and Industry, at the event.
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Yang further highlighted that bilateral trade between South Korea and India reached USD 25.1 billion in 2024, and the MoU will play a pivotal role in promoting deeper trade, technology, and investment partnerships.
According to Ranjeet Mehta, CEO and Secretary General of PHDCCI, India is one of the fastest-growing economies in the world, with immense opportunities for collaboration in manufacturing, clean energy, and digital transformation.
“With South Korea’s advanced technology and India’s growing manufacturing ecosystem, this partnership can foster sustainable and mutually beneficial growth,” he added.
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