FIEO hosted a high profile Importers Delegation from Korea at Chennai. The Delegation Members comprise multi product
importers including Rubber, Adhesives, pigment, dyes Cotton yarn, Natural
colour, manmade fiber lighting products, food additives, chemicals and minerals
While welcoming the participants Dr. A. Sakthivel, Regional Chairman, FIEO
Southern Region said that presently export from India is stagnant for more than
5 years and product profile is also narrow by 50 per cent of value of export
from India is of mineral fuels / oil distillates (mainly naphtha).
There is huge opportunity to export wide range of products from India
including pharmaceuticals, chemicals, rubber products, textiles, leather
etc. He urged exporters to focus growing
Mr. M. Rafeeque Ahmed, Vice President, FIEO while addressing the
participants said Korea is a developed market and they are conscious on quality
as well as timely delivery commitments.
He also informed that Korea is providing very low duty for Indian products
under CEPA compared to any other countries and exporters need to utilize
emerging opportunities for non-traditional products in Korea.
Mr Mangat Ram Sharma, Principal Secretary, MSME, Govt. of Tamilnadu in his
address said that even though India has signed Comprehensive Economic
Partnership Agreement with Korea, due to various reasons our exports as well as
investment from Korea have not increased.
He urged the Korean business community to invest in Tamil Nadu which is
having huge potential on infrastructure and manufacturing.
Mr. Hyung Tae Kim, Consul General of Consulate General of the Republic of
Korea in Chennai said that, Korea is looking forward for continuous closer
relationship with India not only on trade but also other areas including
defence, culture and tourism.
Mr. Myoung-Jin Shin, Chairman, Korea Importers Association, Seoul,
Korea in his address said that there is
huge opportunity for Indian exporters especially MSMEs to sell their products
Since Korea lacks natural resources, the import of raw materials and
semi-finished goods is essential to the country’s industrial development and
Korea import market is rapidly growing with 450 billion USDollars during
the year 2016 with double digit growth.
Korea is having FTA with 53 countries including India, US, China, EU,
Australia etc. and very active in RCEP negotiations. He urged Indian exporters to utilize low
import tariff offered by Korea, 1.5 per cent without imposing any NTBs.
to the feedback received on the B2B meetings held with Indian exporters and
Korean Importers it is expected to fetch business worth of Rs.100 crores. The top 10 products imported by Korea
includes mineral products, plastic and rubber products, leather, textile and
garments, machinery, iron and steel, marine products, electric and electronic
products etc. and there is immense scope to increase the product profile based
on India’s manufacturing capacity.