New Delhi, July 10: The Gujarat government and Korea Trade-Investment Promotion Agency (KOTRA) signed a MoU with the aim to recognize a mutual desire to further enhance and strengthen Korea-Gujarat trade and industrial investment relations and to encourage ongoing dialogue and cooperation.
Industries and Mines Department of Gujarat spokesperson said that priority sectors in focus under this MoU included chemical, petrochemical and pharmaceuticals; New and Renewable Energy; Start-up Ecosystem; Textiles and Apparels; Urban Infrastructure; Food Processing and Agro related industries; Skill Training and Development; Automobile, etc. KOTRA is the national trade and investment promotion organisation operated by the government of Republic of Korea.
Industries department of the government of Gujarat and KOTRA will assist each other to provide in-market support to their respective mission delegates for travel abroad. KOTRA will also take part in Vibrant Gujarat Global Summit 2019 to be held from January 18 to 20, 2019.
Gujarat, which is a leading destination for foreign investment and bilateral trade, is a key contributor to this relationship. Incidentally, Gujarat's export to South Korea was around $1 billion in 2017-18, which was approximately 25 per cent of India's total export to the nation. In recent past, South Korean companies in the field of textiles and chemicals manufacturing have also expressed interest in investing in Gujarat.
KOTRA will open an office in Ahmedabad to facilitate trade and economic cooperation specifically between Gujarat and South Korea. This office is in addition to KOTRA's existing offices in New Delhi, Mumbai, Chennai, Kolkata and Bengaluru. A Vibrant Gujarat promotional delegation is proposed to visit South Korea in the coming months and could leverage this MoU to pitch Gujarat as India's most favourable trade and investment destination.
The outcomes of this MoU are thus expected to shape relations between the two regions going forward and bring them closer in terms of holistic socio-economic development.