Mumbai, May 20, 2016: “Companies in Gimpo city, which is one of the fastest growing cities in South Korea, are planning to invest in manufacturing of elevators, buses, paints and many other sectors in India. Especially, we are interested to create strong partnership with the business community in Mumbai, which is the financial capital of India. We are impressed with the pace of growth of the Indian economy, especially the business vibrancy of Mumbai. Now, we have come to India to explore more trade and investment opportunities available for South Korean companies in India. We would visit Mumbai again next year to bolster collaboration in trade and investment,” said Mr. Young-rok Yoo, Mayor of Gimpo City in Gyeonggi Province of South Korea at an interactive meeting organized jointly by World Trade Center Mumbai and All India Association of Industries (AIAI).

During the meeting, WTC Mumbai and AIAI each signed a separate memorandum of understanding (MoU) with The City of Peace and Culture, GIMPO and The Gimpo Chamber of Commerce & Industry. Under the MoUs, these organizations would promote bilateral commercial co-operation through dissemination of trade information, exchange of trade delegation and other trade facilitation activities.

Mr. Young-rok Yoo, Mayor of Gimpo City (left) felicitated by Mr.Vijay Kalantri, Vice Chairman, World Trade Center Mumbai at an interactive meeting

In his remarks, Mr. Nam-Jun Kim, Chairman, Gimpo Chamber of Commerce and Industry said,

”South Korea has improved the ease of doing business considerably and we expect similar level of ease in setting up business in India as well. We have considerable business relationship with countries like Vietnam, China and now we want to explore opportunities in India as well,”

Earlier in his welcome remarks, Mr. Vijay Kalantri, Vice Chairman, World Trade Center Mumbai said “India is a huge market for LED technology and considering your leadership in this technology, we extend our support to South Korean companies proposing to invest in LED sector in Maharashtra. India’s annual bilateral trade with South Korea stands at US$ 18.13 billion today and it has potential to double in the next five years considering collaboration in other areas like automobile, elevators,

information technology, steel, shipbuilding and so on. South Korean companies can make India an export base by taking advantage of the low cost of labour, Indian government’s ambitious initiatives like improving the easing of doing business, Make in India campaign and so on,”