11th July 2024  Srinagar, Jammu and Kashmir, India  In its bid to promote economic cooperation between J&K and Korea, a high-level Korean mission, called Team Korea, comprising representatives of the Embassy of the Republic of Korea, KOTRA (Korea Trade-Investment Promotion Agency) India-Korea Business Cooperation Center, Korea SMEs and Startups Agency (KOSME), Korea Institute for International Economy Policy (KIEP), Korea International Trade Association (KITA), K-SURE- Korea Trade Insurance Corp., and Korea Plus of Invest India visited Srinagar, J&K on May 9. They organized the 2024 Korea-India CSR-Economic Cooperation Seminar here with the support of the Confederation of Indian Industry (CII), J&K.

According to the KOTRA officials, the primary objective of this event was to foster mutual economic cooperation between J&K and Korea. The Embassy of the Republic of Korea, KOTRA India-Korea Business Cooperation Centre, and Team Korea members plan to share the attractive features of J&K with Korean companies in India and Korea.

Sungjoong CHO, a Commercial Counsellor at the Korean Embassy, who led the Team Korea delegation emphasized Korea’s commitment to bolstering cooperation with Indian states and regions holding untapped potential.

Noting that J&K is famous for horticulture, handicrafts, and tourism, as well as its recent discovery of lithium deposits, Mr. CHO expressed optimism for J&K to harness this economic opportunity while preserving its natural beauty and rich cultural heritage.

Ms. Jeongseon Lee, Executive Director of India-Korea Cooperation Center mentioned 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 was attended by senior J&K Government officials and top-notch industrialists. Syed Junaid Altaf Bukhari, Chairman of CII J&K Council & Group Executive Director of FIL Industries Pvt. Ltd., extended a warm welcome, highlighting the significance of bilateral collaboration in fostering economic growth and sustainable development.

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

During presentation, Khalid Jahangir, Managing Director of JKTPO shed light on New Central Sector Scheme (NCSS) and how Korean companies can see J&K as a potential investment spot.

In a corporate social responsibility initiative, the Embassy of the Republic of Korea, K-Sure, KITA, and KOSME donated various Korean products including small blankets, socks, toothpaste, toothbrushes, and body lotions for the kids of NGOs.