Korea’s Delegation Ventures To J&K: Uncovering Economic Prospects And Driving CSR Initiatives

A high-level Korean delegation, named Team Korea, including representatives from various Korean organizations such as the Embassy of the Republic of Korea, KOTRA India-Korea Business Cooperation Center, KOSME, KIEP, KITA, K-SURE, and Korea Plus of Invest India, visited Srinagar, Jammu and Kashmir, on May 9. They conducted the 2024 Korea-India CSR-Economic Cooperation Seminar with the backing of the Confederation of Indian Industry (CII), J&K, aiming to enhance economic cooperation between J&K and Korea.

As per KOTRA officials, the main aim of this event was to promote economic cooperation between J&K and Korea. The Embassy of the Republic of Korea, along with KOTRA India-Korea Business Cooperation Centre and other Team Korea members, intends to showcase the appealing aspects of J&K to Korean companies in both India and Korea. Sungjoong CHO, a Commercial Counsellor at the Korean Embassy who headed the Team Korea delegation, highlighted Korea’s dedication to enhancing collaboration with Indian states and regions that offer untapped potential.

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Recognizing J&K’s renowned sectors like horticulture, handicrafts, and tourism, along with its recent discovery of lithium deposits, Mr. CHO expressed optimism about J&K capitalizing on this economic opportunity while conserving its natural beauty and cultural heritage. Jeongseon Lee, Executive Director of India-Korea Cooperation Center, highlighted in her presentation that,  “Major transformations are taking place in the global value chain, and these changes can potentially lead to new prospects for collaboration between India and Korea. For example, the discovery of lithium deposits in J&K can offer a new avenue of further bilateral collaboration leveraging Korea’s expertise in EV battery Industry.”

The seminar attracted senior officials from the J&K Government and prominent industrialists. Syed Junaid Altaf Bukhari, Chairman of CII J&K Council and Group Executive Director of FIL Industries Pvt. Ltd., extended a warm welcome, emphasizing the importance of bilateral collaboration in driving economic growth and sustainable development.

A special address by Khalid Majeed (KAS), Director of the Industries & Commerce Dept., Govt. of J&K, provided insights into the UT’s policies and identified sectors ripe for business ventures. This aimed to offer Korean companies an understanding of the conducive investment environment within the state.

During his presentation, Khalid Jahangir, Managing Director of JKTPO, highlighted the New Central Sector Scheme (NCSS) and outlined J&K as a promising investment destination for Korean companies.

As part of a corporate social responsibility initiative, the Embassy of the Republic of Korea, K-Sure, KITA, and KOSME donated various Korean products, including blankets, socks, toothpaste, toothbrushes, and body lotions, to NGOs supporting children.

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