The PHD Chamber of Commerce and Industry (PHDCCI) and the Busan Chamber of Commerce and Industry (BCCI), South Korea, have signed a Memorandum of Understanding (MoU) in New Delhi to promote trade and industrial cooperation between the two nations.

The partnership seeks to strengthen collaboration across sectors such as manufacturing, clean energy, digital technology, maritime logistics, and emerging industries. It is expected to foster greater business exchanges, investment partnerships, and knowledge sharing between enterprises in India and South Korea.

Strengthening Bilateral Relations

Yang Jae Saeng, President, Busan Chamber of Commerce and Industry, said the MoU would deepen engagement between businesses of both countries. He noted that bilateral trade between South Korea and India reached USD 25.1 billion in 2024 and emphasised that the collaboration would drive growth in trade, technology, and investment.

Kalyan Swaroop, Co-Chair, International Affairs Committee at PHDCCI, welcomed the delegation and underlined the Indian government’s emphasis on investment-led growth.

Dr Ranjeet Mehta, CEO and Secretary General, PHDCCI, highlighted that the chambers have been working together since 2016 through several business delegations and exchange programmes. “With South Korea’s technological expertise and India’s robust manufacturing ecosystem, this partnership can drive sustainable growth,” he said.

Naveen Seth, Deputy Secretary General, assured that PHDCCI would support South Korean companies in expanding across Indian states and strengthening trade ties. PHDCCI’s Chief Economist, Sanat Kumar, also presented key sectors with potential for bilateral cooperation.

The meeting concluded with both chambers reaffirming their commitment to encourage joint ventures, industry partnerships, and stronger economic linkages between India and South Korea.

(Source: ET Manufacturing)