2017 Annual Commercial Report
ⅰ. ⅱ Value (in Rupees/Dollars) of Indian exports and imports/ shareROK Trade with India
Exports / US$ 15.1 Bil / 969.4 Bil Rupees
(96,940 crore rupees)
Growth of Export (%) / 29.8%
Share of Indian Exports from Total Exports / 2.6%
Imports / US$ 4.9 Bil/ 314.6 Bil Rupees
(31,457 crore rupees)
Growth of Import (%) / 18.1%
Share of Indian Imports from Total Imports / 1.02%
Total trade / US$20.0 Bil
Year / Total trade / Growth % / Indian exports to ROK / Growth % / ROK Export to India / Growth%
2015 / 16,271 / -9.9% / 4,241 / -19.6% / 12,030 / -5.9%
2016 / 15,785 / -2.9% / 4,189 / -1.2% / 11,596 / -3.6%
2017 / 20,005 / 26.7% / 4,949 / 18.1% / 15,056 / 29.8%
ⅲ. Average annual growth rate of exports and imports during the last three years
Average annual export growth rate: -2.1%
Average annual import growth rate: 5.6 %
ⅴ. Number of periodical commercial reports sent during the year
-Twelve monthly commercial reports
ⅵ. Details of commercial publiciyt’/activities, including participation in trade fairs, road-shows,etc
- State Visits
1) Visit of Minister for IT, Industries, Municipal Administration and NRI Affairs KT Rama Rao to South Korea
A delegation of senior officials from Telangana led by the Minister for IT, Industries, Municipal Administration and NRI Affairs Shri KT Rama Rao, visited South Korea during 18-20 January 2017 to promote trade and economic ties between RoK and Telangana. A business seminar on ‘Investment Opportunities in Telangana’ was held on 19 January 2017 at Millennium Hilton Hotel Seoul and an attendance of over a 100 people across diverse business sectors. After the seminar there were 1:1 business meetings with around 12 Korean companies. The delegation visited Yangjae Stream and Hanam City Eco Park to study urban renewal projects.
2) Visit of Chief Minister of Chhattisgarh, Hon’ble Dr Raman Singh to RoK
A delegation of senior officials from Chhattisgarh, led by the Chief Minister Hon’ble Dr Raman Singh, visited South Korea during 29-31 May 2017 to promote trade and economic ties between RoK and Chhattisgarh. On arrival day, the delegation had a site visit in Pangyo Smart City and had a tour in the city integration center and water restoration center. A business seminar on ‘Investment Opportunities in Chhattisgarh’ was held in coordination with ICCK(Indian Chamber of Commerce in Korea) and KOTRA(Korea Trade-Investment Promotion Agency) on 30 May 2017 at KOTRA Head quarter building. An attendance of over 100 people across diverse business sectors attended the seminar. After the seminar there were business meetings with Korean companies such as Doosan Heavy Industries Ltd, Space Group, MBON Corporation and KEPCO.
3) Visit of Devendra Fadnavis, Chief Minister of State of Maharashtra & delegation to South Korea
A delegation led by the Chief Minister of State of Maharashtra Shri Devendra Fadnavis, visited South Korea during 26-27 September 2017 by the invitation from the Korean government. The meeting with Ms. Kim Hyun-mee, Minister for Land, Infrastructure was held on 26 September 2017 and the MoU on ‘Strategic Partnership for Infrastructure Development Projects in the State of Maharashtra’ was signed between the two parties. On 27 September, 1:1 business meetings were held with six Korean companies such as Hyosung, Posco, Daewo E&C and Hyundai E&C. Also the Chief Minister met Mr. Kim Dong-yeon, Deputy Prime Minister and Minister of Strategy and Finance and visited LH Corporation and the Songdo Smart City.
4) Visit of C Principal Secretary, Dept. of Industry, Commerce & Enterprises Mr S. Kishore & delegation from Government of West Bengal
A delegation led by the C Principal Secretary, Dept of Industry, Commerce & Enterprises Mr S. Kishore visited South Korea during 22-25 October 2017. The business seminar in partnership with KOTRA was held in the morning hours of 23 October and also a Roundtable with Korea Chamber of Commerce and Industry (KCCI) was held in the afternoon. Around 50 companies participated in these events. On 24 October, 2017 the delegation visited Songdo Smart City Operation Centre and also IFTZ Promotion Centre.
5) Visit of Minister of Finance Mr.Himanta Biwas Sarma & delegation from state of Assam
A delegation from the Indian state of Assam, led by Minister of Finance Mr.Himanta Biwas Sarma visited RoK during 28-30 November 2017. The main investment seminar was held in Millennium Hilton Hotel on 29 November and there were over 100 participants from various business sectors. After the seminar, there were business meetings with Korean businesses and also 1:1 meetings with Korean companies such as Nongshim Engineering and Space Group. On the next day, the delegation visited Han River Flood Control Office and the the office briefed on the river flood control & management, flood forecasting & warning facility management in Korea. On 30 November, the delegation visited Hannam Union Park and had an exposure on wastewater treatment, public sewerage management & water reuse system
6) Visit of N.Chandrababu Naidu, Chief Minister of Andhra Pradesh
N.Chandrababu Naidu, Chief Minister of Andhra Pradesh, visited the Republic of Korea for the first time, from 4-6 December 2017. He was accompanied by a senior delegation including three Ministerial and business leaders from the State. During his visit, Chief Minister Naidu also visited Busan and addressed a business meeting of over 100 prospective Korean investors in the southern part of Korea. He also visited the Busan New Port and the Busan-Jinhae Free Economic Zone. An MOU was signed between the Make in India Center Busan and Andhra Pradesh government to work toward establishing a Korea Industrial Zone in Andhra Pradesh. Chief Minister Naidu also held discussions with Mayor Suh Byung-soo of Busan and his team on possible future partnerships between Busan and his State. In Seoul, at a special investment seminar jointly hosted by the State, Kia Motors, and the Embassy of India on 6 December with over 200 guests in attendance. During his visit, Chief Minister Naidu held over 15 one to one meetings with business leaders in Korea. He also invited Korean businesses to attend his State's Partnership Summit to be held in February 2018 at Andhra Pradesh.
7) Visit of KTR Rao, Hon'ble Minister for Industry and IT of Telangana
Delegation from State of Telangana headed by Mr. KTR Rao, Hon'ble Minister for Industry and IT visited RoK during 15-16 January 2018 and met business leaders from Hyundai Corp, Hyundai Rotem and OCI and invited them to make Telangana base for manufacturing and also met Mr. Kihuk Sung, Chairman, Youngone and KOFOTI member companies and invited them to invest in Kakatiya Textile Park. On 16 January 2018, the delegation visited Daegu, the city of textiles met the Vice Mayor of Daegu Metropolitan City and also had a meetings with electric car components manufacturers.
- Visit from the Ministries
1) Visit of Textile delegation to RoK
The Textile delegation comprising Indian textiles companies, councils, Confederation of Indian Industry and other officials led by Ms. Rashmi Verma, Secretary of Ministry of Textiles visited RoK during 26-28 April 2017 to attend curtain-raiser "roadshow" event at Daegu on April 26 2017. Overview of the Indian textile industry and the information of the upcoming textile fair, ‘Textiles of India 2017’were presented during the event. Around 80 people from Daegu city government officials, textile associations, institutions, chambers and textile business attended. On 27 April, the delegation had business meetings with the key textile companies in RoK such as Hyosung and Kolon Group and also had an interaction with the President and executives of of KOFOTI (Korea Federation of Textile Industries) and KCFA(Korea Chemical Fiber Association).Many Korean companies have shown a big interest in Indian textile market and promised to bring Korean companies to attend the upcoming textile fair.
2) Visit of the DMICDC delegation to RoK
A delegation of senior officials from DMICDC (Delhi Mumbai Industrial Corridor Development Corporation), Mr.Alkesh Sharma, CEO & MD of DMICDCand Mr. Mr. P K Agarwal CFO, DMICDC Ltd. visited RoK during 18- to attend ‘Global Project Plaza,2017”event organized by KOTRA. Along with this event, mission convened a round table seminar on introducing various projects being undertaken by DMICDC. These projects included the City Development Projects in Dholera, Gujarat; Shendra-Bidkin in Maharashtra; Logistics related projects such as the development of Multi Modal Logistics Hub (MMLH) and Multi Modal Transport Hub (MMTH) in the State of Uttar Pradesh, Haryana & Gujarat. Besides, project like Exhibition cum Convention Centre (ECC). Around 60 participants from the construction companies such as Ssangyong Engineering &Construction , Samsung Engineering, Daewoo E&C and etc attended
3) Visit of Minister of Finance, Corporate Affairs & Defence to ROK
Hon'ble Arun Jaitley, Finance Minister of India, Mr.Patel Pankaj Ramanbahi, Chairman of FICCI and Indian business delegation visited RoK from 27-29 June 2016. On 15 June 2017, Minister Jaitley had separate meetings with the senior leadership of premier Korean companies including the Vice Chairman of Hyundai-Kia, CEO of Samsung Electronics, Chairman of Hyosung Group, Managing Director of Hanwha Group, Chairman of Doosan Heavy Industries and the CEO of Hyundai Rotem. Minister also separately met, over breakfast, leaders of Korea's financial industry including the CEOs and CIOs of the Korean Investment Corporation, Korea Post, KB Financial Group, Shinhan Group, Woori Bank, Mirae Asset, Nonghyup, and Military Mutual Aid. Later in the afternoon, Minister Jaitley delivered the key note address at an India-Korea Business Meeting at the Lotte Hotel, co-hosted by the Korean Chamber of Commerce & Industry (KCCI), Embassy of India and Federation of Indian Chambers of Commerce (FICCI). Over a hundred representatives of Korean business and industry were in attendance.
4) Visit of Minister of Commerce & Industry, Suresh Prabhu & delegation to South Korea
Minister of Commerce & Industry, Suresh Prabhu visited 21-23 September 2017 in Seoul, Korea to participate in the 7th Asia-Europe Economic Ministers meeting and the 3rd Joint Ministerial Review of the India-Korea Comprehensive Economic Partnership Agreement. At the ASEM meeting, the minister underlined the emergence of India as one of the world’s leading investment destinations. On 21 September the Embassy and Federation of Korean Industries (FKI) convened Networking Conference with the top conglomerates in RoK. The minister also exchanged views on the prospects for more business cooperation with executives of top South Korean companies including Samsung, Kia motors, Hyundai Electric and Posco.. Minister also held a meeting with the chairman of South Korea’s ruling Democratic Party ChooMi-ae and discussed ways to increase cooperation between the two countries.
- Promotional Activities convened by the Mission
1) The launch of Indian Mangoes in RoK
After over five years of work to complete necessary procedures required by Korean authorities, Indian mangoes have been formally exported to ROK starting from this year May. Accordingly, mission conducted several promotional activities for the launch of Indian mangoes in RoK. A delegation of Indian mango exporters led by Mr.D.K Singh, Chairman of APEDA visited RoK during 24-27 April 2017 to participate in the Indian mango promotional activities in RoK. The main launch event was held at Millennium Seoul Hilton Hotel, Atrium on 25 May 2017. Special remarks were made by Mr.D.K Singh and Ambassador and also all the Indian exporters were introduced to the participants. Variety of desserts and drinks using Indian mango showcased the unique range of flavours of this fruit. Over a hundred guests from the major fresh fruit importers, executives and managers from the retail marts, media people, VIPs from the food companies and the associations of food & agro products and the officials from RoK Government participated in the event. After the main event, B2B meetings were held in a separate venue, 1st Fl, Seasons Hall in Hilton Hotel. Most of the key Korean importers and buyers from the major marts had business meetings with the Indian exporters. Also a similar launch event was also held on 27 May 2017 in the southern region of RoK, Busan Westin Chosun Hotel. Mr.D.K.Singh, Chairman of APEDA and the Indian exporters had the interactions with the guests from Busan city. Over 60 guests from various business sectors and governmental agencies attended the event. Mission also organized promotional activities with 30 Emart stores (one of the major retail stores in RoK). Free sample tasting booths were installed for the Korean consumers and Indian mangoes were launched for sale at 30 E-Mart stores across RoK during 26-27 May 2017.
2) 1st India-Korea Vaccine Manufacturers’ Forum
The Embassy co-hosted ‘India-Korea Vaccine Manufacturers’ Forum’ along with the International Vaccine Institute on 27 September 2017 in Plaza Hotel. The event focused on India and discusses some of the key areas of opportunity that could be explored in partnership with Korean companies. Welcome remarks were made by Ambassador and Dr. Jerome Kim, Director General of International Vaccine Institute. Total 40 people attended this event and Korean companies from EuBiologics, Green Cross, Merck Kore and etc, participated in this event. It was the first occasion to further network with Korean pharma companies and Indian vaccine manufacturers.
3) Business Seminar on Indian Food & Food Processing Sector
A business delegation in Indian food & food processing sector led by Mr. J.P.Meena, Secretary of Ministry of Food Processing Industry visited RoK during 4-6 September 2017 to attend a seminar on Indian Food and Food Processing Sector, ‘Inside India’s Food Industry Opportunity.’ The seminar was held at COEX Intercontinental Hotel, Jupiter room on 5 September 2017. Special remarks were made by Mr. J.P Meena, Ambassador and Mr.Lee Kwang Ho, Vice Chairman of Korea Food Industry Associations. Korea Plus team also attended the seminar and gave presentation on investment opportunities in Indian food sector and Ms.Renuka Singh, Senior consultant in CII introduced the upcoming food exhibition, World Food India to the Korean participants. Also all the Indian business delegation was introduced to the Korean companies. Indian food & food processing companies were Mapro Pvt. Ltd , Rasna Private Limited , Lotus Chocolate Company Ltd. and Allana Group. Over a 70 guests from a Korean major food companies, including major chain stores, trading companies and food association participated in the event. After the main event, B2B meetings were held in a separate venue, Apollo room and also 1 to 1 meetings with the Secretary and the executives from the Korean top food companies such as Nongshim, Ottogi, SPC Group and Lotte group.
- Participation from the Indian trade delegation in the fairs and exhibition in RoK
1) Participation of TEXPROCIL in ‘Preview in Daegu 2017’.
30 Indian textile companies led by TEXPROCIL participated in the ‘Preview in Daegu 2017’ fair held in South Korea during March 8-10, 2017. ‘Preview in Daegu’ is a well-established fair held every year for textiles including Yarn, Fabrics, Home textiles and Garments. This year, TEXPROCIL organized a group participation of 30 Indian companies showcasing their selective range of products to buyers from 25 countries including China, Japan, Europe, Asia, North and South America, The Middle East and Africa visited the exhibition. Amb.Doraiswami inaugurated the India Pavilion at the Preview in Daegu and the MoU has been signed between TEXPROCIL and Preview in Daegu & Daegu Gyeongbuk Textile Industries Association.
2) Indian Pavilion at ‘SIPREMIUM 2017’
Indian Chamber of Commerce Kolkata organized an Indian Pavilion at SIPREMIUM 2017 during 23-26 March 2017 in COEX, Seoul. 54 Indian companies led by ICC showcased premium gifts and houseware sector ranging from traditional/modern scarves shawls to home accessories, incense sticks to handcrafted silks, jute products to jewellery and Indian apparels. The fair was organized by Coex and was supported by the Ministry of Trade, Industry and Energy, Small and Medium Business Administration, Korean Institute of Startup & Entrepreneurship Development and the Small and Medium Business Corporation. 400 exhibitors from in and outside of Korea participated in SIPREMIUM 2017, which featured 500 booths and 17,500 people visited during the fair.
3) Visit of Council for Leather Exports, India (CLE)
A business delegation led by Council for Leather Exports, India (CLE) is visiting from 2-4 November 2017 to participate in Busan International Shoe Show. Nine Indian manufacturers of leather and leather products are participating in this exhibition and to introduce their products and companies to the Korean buyers and had an exposure to the Korean leather market and had business meetings with the Korean leather buyers.
4) Visit of the Coffee Board and Allana Coffee Company
Café Show 2018 was held during 8-11 November 2017 in COEX Exhibition Centre. Coffee Board of India participated with 4 booths and also an Indian Coffee company, Allana Coffee exhibited their Indian coffee in collaboration with Dr.Mahn, one of the major Indian coffee importers in RoK. The premium Arabica and Robusta coffee beans and also specialty coffee such as Indian monsoon malabar beans were presented to the Korean coffee bean importers and also to the public.