Korean Companies Debut in the Indian Market

GSBC holds 2011 G-Fair Mumbai on May 18 and 19

The Indian market was once reserved for such giants as Samsung Electronics, Hyundai Motor Company, and Doosan Heavy Industries & Construction. However, since the general Korea-India Comprehensive Economic Partnership Agreement, CEPA, took full effect in January last year, smalland medium-sized companies have started to venture into the Indian market of 1.2 billion people.

Gyeonggi Province and the Gyeonggi Small and Medium Business Center (President & CEO Hong Ki-hwa; hereinafter GSBC) will host the 2011 G-FAIR Mumbai for two days from May 18 at the InterContinental The Lalit Mumbai as announced on the ninth of this month.

Seventy-five companies will showcase their electronics, lifestyle products, industrial equipment and other promising technologies in the Indian market in the wake of the CEPA announcement. Numerous products will be exhibited and consultations with potential buyers will take place at the event.

India is one of the BRIC countries, all of which are emerging markets with incredible growth potential. With the second largest population in the world, India has the fourth highest GDP in terms of buying power. Specialists believe it will become the second largest economy by 2050.

The 2011 G-FAIR (Exemplary Korean Goods) Mumbai is the third event of its kind to take place in India, which has a consumer market of 1.2 billion people. Gyeonggi Province was the sole Korean participant in the 2009 event, but this year North Gyeongsang Province, Ulsan, and Gwangju will alsobe taking part.

In 2009, forty-seven companies had 704 consultation requests valued at USD 62 million. Last year seventy-eight small and medium-sized companies exhibited their products, consulting in 1,155 casesfor contracts worth USD 82 million.

GSBC believes this event will serve as a foothold for advancing into the Southwest Asian market and an opportunity to make the Korean business presence known in the local market. There will be a one-on-one export consulting session organized in advance according to company needs. 

GSBC has accumulated experience in hosting local G-Fairs, export consultation events, and overseas trading events, which proved useful when bringing together Indian buyers interested in making purchases through the Gyeonggi Business Center in Mumbai. They have also arranged more hands-on meetings between companies that potentially have mutual interests.

GSBC Chairman Hong Ki-hwa said, “The Gyeonggi Business Center in Mumbai opened in 2005 and has since accumulated a great deal of essential information on the local market. This G-FAIR Mumbai will be the fruit of our efforts. Cooperation between buyers and local business-related facilities will help Korean companies to expand into the Southwest Asian region.

With growth rates at a record high, India has optimal conditions for export. It is quickly becoming afavorite business destination as it is lowering taxes and opening its doors to free trade. Korea has signed the Korea-India CEPA, a ten-year scheme to improve investments and service trade between the two countries by lowering or abolishing taxes.

Inquiries: Gyeonggi Small and Medium Business Center +82-32-259-6053

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