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Improving infrastructure regulation is the most urgent task in India, said the Korean SMEs Association in India (KOSMA) on Monday reflecting on some of the key challenges.
“The Indian government is investing huge amounts of money to improve poor infrastructure through initiatives such as Ghatishakti, but the pace of improvement is very slow,” it added.
Speaking exclusively with KNN India on the sidelines of a seminar organized by KOSMA in New Delhi, the Association said, “It is an area that needs to be improved as the protection of the domestic industry through regulations is intensifying while the manufacturing industry fostering policy is strongly promoted.”
The ‘2023 Management Strategy seminar for Korean SMEs in India’ was attended by Korean Embassy in India, KOTRA (a state-funded trade and investment promotion organization operated by the Government of South Korea), 60 Managing Directors of Korean companies and 6 Indian companies delegated by Federation of Indian Small & Medium Enterprises (FISME).
KOSMA further told KNN India that the rapid growth of the Indian economy is its greatest potential, and Korean companies’ interest in investing in India is increasing.
When asked about India’s emergence as a viable alternative to China, it opined that in order for India to become a global production base that can replace China, there are still many challenges to be resolved.
Looking forward, KOSMA said amid active restructuring of global supply chains, India is rapidly emerging as an alternative manufacturing base for China.
“In addition, it overtook China to become the world’s most populous country, and the retail market is growing rapidly based on its huge population. India is the world’s largest strategic value country in both manufacturing and consumer markets,” it said.
Seong-Heum Park, President of KOSMA delivered the opening remarks along with an introduction and Kwang Seok Yang, the Commercial Attache, the Embassy of the Republic of Korea gave the congratulatory remarks at the seminar.
S.K. Jain, Vice President of FISME introduced the Indian MSME body and its member companies and spoke about how FISME could help South Korean SMEs through facilitation, policy, knowledge sharing and joint programmes.
He also emphasized on KOSMA’s role to help Korean and Indian MSMEs by assisting MSME delegation to South Korea to participate in trade fair, factory visit and B2B engagements.
(KNN Bureau)