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India and Korea intend to boost bilateral cooperation in the Micro, Small and Medium Enterprises (MSME) segment. As the first step towards this objective, the National Small Industries Corporation (NSIC) and South Korean Small and Medium Business Corporation (SMC) inaugurated the India- Korea Technology Exchange Centre on 10 July 2018.
South Korean President Moon Jae-In, accompanied by a large Korean delegation, visited India, and the two countries signed nearly a dozen agreements. The NSIC and SMC also signed a memorandum of understanding (MoU) to enhance cooperation in the MSME segment.
Union MSME Minister Giriraj Singh, addressing the event, said that the first India-Korea working group on the MSME sector was formed 31 March 2017. Both sides discussed ways to enhance bilateral cooperation in the MSME sector.
Singh said that both the countries are aware about the enormous opportunities for cooperation between India and Korea in the MSME sector. The MSMEs in both countries can share knowledge with each other for mutual benefit. Singh was optimistic about the India-Korea Technology Exchange Centre would work in space, renewable energy and emerging technologies.
A forum of India-Korea CEOs announced that they were forming six working groups in Auto, Infrastructure, Services, Electronics (inclusive of renewable and allied sector), Information Technology, Start-Ups and Innovation Ecosystem (including SMEs and MSMEs and defence
manufacturing.
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