Capitalizing on India's emergence as a key driver of global growth, the Herald Media Group is looking for ways to deepen Korea-India economic ties.

Leading a delegation of experts, the media group's Chief Executive Officer Choi Jin-young visited India from April 4 to April 11 to engage and establish communication channels with think tanks, trade and business confederations representing small and large industries, local and regional government representatives and the media.

The Herald Media Group publishes The Korea Herald, the nation's largest English newspaper, and Herald Business, a leading Korean language daily specializing in business and economic news.

The visit aimed to boost ties by disseminating information about ongoing infrastructural and digital transformation and emerging investment sectors through establishing communication channels.

The delegation visited New Delhi, Uttar Pradesh (UP) and Haryana.

UP's potential

UP is the most populous state of India and a substantial contributor to the country's gross domestic product, accounting for 92 percent of India’s agricultural output. The state is a key player in food production and draws considerable federal attention.

Notably, Noida, a planned city within the state, houses Samsung Electronics’ largest mobile phone manufacturing plant. The delegation met Manoj Kumar Singh, UP government’s Infrastructure & Industrial Development Commissioner, and Abhishek Prakash, CEO of Invest UP.

Experts say that local governance in India plays a significant role in shaping state economic policies. UP is actively seeking foreign investment and enhancing its highways and railways to improve infrastructure.

The first phase of the Noida International Airport is slated for completion in September, according to Invest UP officials.

Singh called upon the Herald Media Group to take part in the journey of the state’s economic development through essential information to Korean companies seeking to enter the Indian market.

Uttar Pradesh is formulating policies to attract foreign investment, offering deregulation and incentives tailored for Korean investors and firms.

Haryana’s cooperation with Korea

On April 7, the Herald officials met Haryana Chief Minister Nayab Singh Saini in Chandigarh, the dual capital of Punjab and Haryana. The state, which is home to 25 million residents, has the highest per capita income among the 29 Indian states and houses Gurgaon, a major financial and technology hub.

Known as a strategically significant region in the National Capital Territory, Haryana now also serves as a vital export gateway to Africa, bolstered by its sophisticated distribution and transportation infrastructure.

Haryana is eagerly looking for investments from Korean firms, which target not just the domestic market but also global exports. The state has further pledged comprehensive support for investments of all sizes, including modest, and a special program to assist in the stabilization of businesses post-investment.

Think tanks, business partnerships

On April 8, the delegation visited the National Institution for Transforming India Aayog, led by Narendra Modi, the prime minister of India. NITI Aayog highlighted the necessity of introducing key Indian economic policies to Korea to facilitate the entry of Korean companies into India, aiming to position India as a new hub in the global supply chain, succeeding China’s lead.

Additionally, during the visit, the delegation agreed to cooperate in agreements with the Federation of Indian Micro and Small & Medium Enterprises (FISME) and IFCI Ltd. on tech partnerships, skill development, joint ventures, and more for small and medium-sized enterprises.

The proactive approach of the Indian government towards international cooperation was evident, with FISME offering guidance on governmental subsidies available to foreign SMEs entering India.

The delegation also held meetings with the Confederation of Indian Industry (CII), the Federation of Indian Chambers of Commerce & Industry (FICCI), and Invest India, a supporting organization for foreign corporate investments.

CII, India's leading private economic group, actively facilitates collaboration with international firms. FICCI, too, maintains a nuanced partnership with the Korea Chamber of Commerce and Industry. In collaboration with Korea’s Ministry of Trade, Industry, and Energy, Invest India is gearing up to host an investment briefing in South Korea.

Marking the end of the visit, Herald Corp officials visited the Delhi branch of the Times Group, one of India’s largest English media groups and engaged in discussions with Partha Sinha, president of the Times Group, and his team.

Both sides agreed to serve as catalysts for the mutual economic advancement of the two nations.

(sanjaykumar@heraldcorp.com)

(serap1005@heraldcorp.com)