More jolly days to come with the launch of The Indian Chamber of Commerce in Korea (ICCK) began on a quote by the great leader Mahatma Gandhi, "The future depends on what we do in the present." This is what ICCK will bring to Indo-Korea to solidify economic cooperation and to bring a brighter tomorrow for both countries. On January 19, 2010, was the launching of The Indian Chamber of Commerce in Korea (ICCK) at the Shilla Hotel in Seoul.
The Minister of Strategy and Finance, Yoon Jeung-hyun, addressed the attendees by stating, "India is the center of the world economy and development of Asia as a new model." He continued to say, "More robust bilateral economic partnership and mutual cooperation for competitive industry is needed."
India and Korea's trade volume in 2000 was US$2.3 billion and has increased to US$15.6 billion in 2008. Korea invested US$2.5 billion last year; India invested US$83 million to Korea to strengthen economic cooperation.
Aside from India's strength in both science and technology, the country is also highly-skilled in IT related services. Korea has world-class competitiveness in manufacturing ICT devices for equipment, whereas; India's strength lies in their software. Together, this advantage of both economies will collect profit and emit further synergy effects. By working together on trade liberalization, climate change solutions, and aerospace, the two rapidly emerging countries will foster solutions faster.
Yoon Jeung-hyun stated, "As well as being a member of G20 leaders, the need to nurture greater global cooperation by working together on strengthening infrastructure, railways, roads, communications, power, port and cooperation is crucial." Ambassador of India, Skand. R. Tayal stated, "South Korea and India will further develop economic relations and prepare for President Lee Myung-bak to visit next week to India and execute the vision of these two great countries."
Ambassador Skand R Tayal said, "The comprehensive economic partnership agreement (CEPA) which took effect on New Year's Day will start a new era of strong economic cooperation." He continued to speak that, "Korea can boast its advantage in manufacturing industries, while India has strength in knowledge and service industries." This will merge the complementary industrial structure for better opportunity on economic cooperation.
Specifically for Hyundai Motors built a plant near Chennai and other Korean companies such as LG and Samsung continues to increase investment in India. On the other hand India's Tata is very successful in Korea for producing commercial vehicles in Korea. Kim Jong-Sik, president and CEO of TDCV, pointed out that there are more than 380 companies doing business in India and India's Tata Group has major investments in Korea. Kim Jong-Sik said, "the ICCK acts as a strategic partner in the global marketplace on political, economic, cultural, and business leadership." The launching of ICCK and with CEPA together promoting bilateral economic cooperation has opened the doors to Korean market as well as to Indian market. There are 50 participating companies for the ICCK.
The congregation ended the same way it started, on the grandiose ambitions for the future of both countries by reemphasizing the effort to strengthen economic cooperation. On a global stage the world will soon see the two countries reaping the fruits of all their hard work. Yoon Jeung-hyeon stated, "I will quote a poem from the great poet Tagore ‘The Light from the East' and I hope ICCK can be the shining light, serving as a lamp for Korea and India's relationship."
