WAY-FORWARD 2020: KOREA’S 3-POINT FORMULA TO BOOST IN INDIA

With an eye on taking bilateral trade between India and South Korea from an existing little over $21billion to $50 billion by 2030, the Korean apex trade organization Korea International Trade Association (KITA) has coined a 3-point formula for making the dream come true. The researchers at KITA have zeroed in on three main areas of cooperation for fostering a stronger economic partnership between the two countries. First, widen the scope of the Comprehensive Economic Partnership Agreement (CEPA) to help exporters. Second, promote investment in new industries like ICT, Energy, and Bio-health. And third, make India a global manufacturing hub and strengthen Global Value Chain (GVC). According to Ui-Yoon Jo, Researcher, International Institute of Trade, KITA, the Korean President Moon Jae-in, and Indian Prime Minister Narendra Modi had announced in July 2018 to take the bilateral trade to $50 billion by 2030.