Korea to look more towards West Bengal, strengthen business ties

India-Republic of Korea (RoK) relations has made great strides in recent years and become truly multidimensional, spurred by a significant convergence of interests, mutual goodwill and high-level exchanges, said West Bengal Minister Dr Shashi Panja.

Kolkata, May 18: India-Republic of Korea (RoK) relations has made great strides in recent years and become truly multidimensional, spurred by a significant convergence of interests, mutual goodwill and high-level exchanges, said West Bengal Minister Dr Shashi Panja.

Speaking at the Economic Cooperation Forum organized by the Embassy of Korea, KOTRA and CII here on Thursday, Dr Panja, State Minister in charge, Departments of Industry, Commerce and Enterprises, Women and Child Development and Social Welfare, reiterated that the Republic of Korea’s open market policies has found resonance with India’s economic liberalization and ‘Look East Policy’ as well as “Act East Policy”.

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She congratulated the Ambassador of Korea to India for being in Kolkata to mark the 50 years of India-Korean Economic Cooperation.

Dr Panja further added that the trade and economic relations have started to gather momentum again following the implementation of CEPA in 2010. Major items of India’s exports to Korea are mineral fuels/oil distillates (mainly naphtha), cereals, iron and steel. Korea’s main export items are automobile parts, telecommunication equipment, hot rolled iron products, petroleum, refined products, base lubricating oils, nuclear reactors, mechanical appliances, electrical machinery & parts and iron and steel products. This is of particular interest to a growing economy like that of India.

She also spoke at length about how the two countries share more than just trade relations, a deep-rooted cultural interaction based on our Indo-Buddhist traditions, dance, music, and martial arts. Korean food and music have gained tremendous popularity over the years among the Indians and Bengalis, the Minister added.
Speaking about the diversity of West Bengal and the potential of industrial development, Dr Panja emphasized that West Bengal is the gateway to the North East of India and the state with its strong road network, the waterways and the upcoming industrial corridors can be a conduit to the north-eastern part of India.
The minister also spoke about how social development goals (SDGs) should be kept in mid while driving industrial development.

Dr Panja requested “our friends in Korea” to come to Bengal for further economic collaboration.

She said that the state, under the visionary leadership of the Chief Minister Mamata Banerjee is extremely open to adopt new ideas and new ways to envision growth and development.

Welcoming the delegates and industries to the forum, Chang Jae-bok, Ambassador of the Republic of Korea in India said that the initiative today in Kolkata is a part of the “Korea on the Move” event which aims to celebrate the 50 years of India – Korea diplomatic relations and thereby deepen the “mutual understanding and friendship” between the people of Bengal and Korea.

Jae-bok said that he met with the Chief Minister of West Bengal earlier in the day and exchanged views on how to strengthen relations between Korea and Bengal.
He further added that till now Korea’s presence was concentrated in New Delhi, Mumbai and Chennai and now his country is keen to focus on Bengal, the gateway to North-East India and sharing international borders with quite a few neighbouring east countries.

Raju Mishra, Joint Secretary, Department of Industry, Government of West Bengal said in his deliberations that the state is the “new economic powerhouse” with a high GDP, per capita GDP, strong consumer base and a significant presence of MSMEs and women led MSMEs.

He spoke about the Tajpur port project, the Deocha Pachami coal block and also the greenfield cargo hub being developed near Burdwan and the industrial and IT parks which showcase the growing industrial strength of the state.

Mishra also spoke about the recent announcements by the Chief Minister of the three new industrial corridors of Coochbehar – Dankuni – Haldia to further strengthen industrial activities in Bengal.

He urged the Korean guests present to continue being the partner country in the upcoming Bengal Global Business Summit to strengthen ties between West Bengal and Korea.