By Diplomacy Journal Lee Kap-soo

Choi Jin-shik, chairman of the Federation of Middle Market Enterprises of Korea (FOMEK), met with Amit Kumar, Indian Ambassador to South Korea on July 11, and discussed ways to expand the presence of mid-size companies in India as a promising overseas market and a new production hub for mid-size companies.

Chairman Choi stated, “India’s rapid growth is remarkable, based on its highly skilled workforce and advanced manufacturing and digital infrastructure, which are often described as having an abundance of talent.”

He added, “India’s value as a new market and production hub for mid-sized companies is very high, given its stable democratic and market economy system, the world’s largest population and vast territory, and the government’s proactive growth policies.”

Chairman Choi said, “Mid-sized companies are leading the development of Korea's materials, parts, and equipment industries, accounting for 51.2% of the top companies in the ICT and bio industries, as well as other advanced industries.”

He added, “Mid-sized companies are the best partners for the Indian government’s efforts to enhance the industrial ecosystem, including strengthening the manufacturing base centered on strategic industries such as shipbuilding, electric vehicles, and semiconductors, and creating industrial clusters.”

Ambassador Amit Kumar said, “Mid-sized companies, which have led the development of Korean industry based on their superior technology and innovative entrepreneurial spirit, are important private-sector partners in economic cooperation between the two countries.”

He also stated, “We will actively support the entry of Korean mid-sized companies into India through the establishment of specialized industrial complexes, regulatory simplification, and infrastructure improvement, and will work closely with the FOMEK to expand cooperation between Korean and Indian companies in various industries.”