India to launch Korea Small and Medium Business Association … “Market entry to become a bridge

NEW DELHI: South Korean small and medium-sized enterprises (SMEs) are gathering strength to help the Indian market reach 1,350 million people.

The Korean Association of Small and Medium Businesses (KOSMA) has launched its inaugural general meeting in Gurgaon, near Delhi, on May 21.

The general meeting was attended by executives composed in September, Ambassador Shin Bong-Kil, and South Korean President Park Han-suk Kotra.

Lee Yang-gu, a former Hyundai executive officer, was the first president of the association. Mr. Lee currently runs the Korea-India Economic Exchange Center and supports Korean companies’ entry into the local market and export business.

“We will do our best to bridge the gap between Korea and India,” Lee said in a welcoming speech. “We will contribute to the development of the Indian industry and the economic exchanges between the two countries by combining Korean technology with India.” .

The Indian market is rich in potential, but it is considered to be a difficult place for Korean SMEs to enter because of the high entry barriers.

The number of Korean companies that have roots in China and Vietnam has reached 40,000 and 7,000, respectively, while in India there are more than 500 companies.

Lee said, “In the early stage of entering the market, SMEs can not easily enter India due to lack of talent, funds, and lack of market information. There are many cases of difficulties, “he explained.

The Federation will provide guidance to SMEs wishing to enter India, and will also create a business opportunity by operating a local network. We will also share examples of successes and failures in India through forums and seminars.