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FIEO sees emerging opportunities for Indian exporters in Korean market

 

FIEO hosted a high-profile importers delegation from Korea in Chennai last week. The delegation members comprised multi-product importers, including rubber, adhesives, pigment, dyes, cotton yarn, natural colour, manmade fibre, lighting products, food additives, chemicals, minerals, etc.

 

While welcoming the participants, Dr A. Sakthivel, Regional Chairman, FIEO Southern Region, said that export from India has been stagnant for more than 5 years and the product profile has also narrowed. Fifty per cent of the value of export from India is of mineral fuels / oil distillates (mainly naphtha). There is therefore a huge opportunity to export a wide range of products from India, including pharmaceuticals, chemicals, rubber products, textiles, leather, etc. He urged exporters to focus on the growing Korean market.

 

Mr M. Rafeeque Ahmed, Vice-President, FIEO, said that Korea is a developed market and exporters need to send technically precise products as they are conscious about quality as well as timely delivery commitments. He also informed that Korea levies very low duty for Indian products under CEPA and exporters need to utilise emerging opportunities for non-traditional products in Korea.

 

Mr Mangat Ram Sharma, IAS, Principal Secretary, MSME, government of Tamil Nadu, said that even though India has signed the Comprehensive Economic Partnership Agreement with Korea, due to various reasons, exports as well as investment from that country have not increased. He urged the Korean business community to invest in Tamil Nadu which has huge potential in infrastructure and manufacturing.

 

Mr Hyung Tae Kim, Consul General of the Republic of Korea in Chennai, said Korea looks forward to continuous, closer relationship with India not only in trade but also other areas, including defence, culture, tourism, etc.

 

Mr Myoung-Jin Shin, Chairman, Korea Importers Association, Seoul, said there is huge opportunity for Indian exporters, especially MSMEs, to sell their products in Korea. Since Korea lacks natural resources, the import of raw materials and semi-finished goods is essential to the country’s industrial development and economic growth. The Korean import market is rapidly growing and was valued at $450 billion during 2016 with double-digit growth. Korea has FTA with 53 countries, including India, the US, China, EU, Australia, etc. and is very active in RCEP negotiations. He urged Indian exporters to utilise the low import tariff offered by Korea (1.5 per cent) without imposing any NTBs.

 

According to the feedback received on the B2B meetings held with Indian exporters and Korean importers, it is expected to fetch business worth Rs 100 crore. The top 10 products imported by Korea include mineral products, plastic and rubber products, leather, textile and garments, machinery, iron and steel, marine products, electric and electronic products, etc. There is immense scope to increase the product profile based on India’s manufacturing capacity, said a release.

 

Source: Exim News Service - Chennai, Sept. 12

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