Kotra holds a big event to boost ties with India

Korea Trade-Investment Promotion Agency (Kotra) is holding an economic cooperation fair across India and in Korea for one week starting Sunday as it seeks to help companies expand in the growing market.

The agency announced in a statement Sunday that 540 companies and 800 representatives are participating in the fair for trade, investment and recruitment opportunities. The fair is co-sponsored by Korean Embassy in India and Presidential Committee on New Southern Policy.

Kotra said the event is being held to re-stimulate trade between Korea and India, which has declined slightly in recent months. Although the trade volume between Korea and India increased 5.4 percent on-year in the first quarter and 4.5 percent in the second quarter from a year earlier, the number for July fell 2.1 percent on-year.

The agency is especially eyeing the Indian market as the country’s start-up market is rated the third largest in the world, following the United States and Britain. India has the fifth largest military budget and is second largest importer of military goods.

Kotra added India is a key market for Korean companies as the country is a large consumer of Korean products, especially those related to K-pop.

As a part of the fair, Kotra is connecting 370 Indian companies and 100 from Korea for potential trade and investment partnerships while explaining the recruiting environment of India to 200 Korean college students interested in working in the country.

The agency is also holding an information session on India’s rules on corporate social responsibility (CSR) for 70 Korean companies. India enacted a law in July this year that obligates companies with a presence in the country to spend at least 2 percent of their average net profit on CRS initiatives.

BY KO JUN-TAE [ko.juntae@joongang.co.kr]