India-Korea Technology Exchange Centre inaugurated to boost MSME segment
Indian Minister of State, Micro Small & Medium Enterprises and Minister of SMEs (Small and Medium Enterprises) and Start-ups of the Republic of Korea, Mr Hong Jong- haak inaugurated an India-Korea Technology Exchange Centre in New Delhi. The establishment of the Centre is a step towards bolstering bilateral cooperation between the two countries in the Micro, Medium and Small Enterprises (MSME) sector.
On 10 July, the Minister of State (Independent Charge) Micro Small & Medium Enterprises, Mr Giriraj Singh and Minister of SMEs (Small and Medium Enterprises) and Start-ups of the Republic of Korea, Mr Hong Jong- haak inaugurated an India-Korea Technology Exchange Centre in New Delhi. The establishment of the Centre is a step towards bolstering bilateral cooperation between the two countries in the Micro, Medium and Small Enterprises (MSME) sector.
According to a press statement released by the Indian Ministry of Micro Small & Medium Enterprises, Mr Giriraj Singh said that the purpose of the Technology Exchange Centre is to build a platform for and provide assistance to the micro, small and medium enterprises of India and Korea where they will be able to identify and exchange the latest technologies, share management expertise and technology applications for product development.
Mr Giriraj Singh also stated that the Technology Centre will work towards creating reliable alliances in space, solar energy and nano-technologies among several other upcoming cutting-edge technologies; he added that a number of Korean organisations plan to initiate technology transfers in the MSME sector between the two countries and this Technology Exchange Centre will provide them with the resources to make reliable partners and to build larger and better networks.
In addition to the Centre, the Ministry announced that a Memorandum of Understanding (MoU) was signed between the Small Business Corporation (SBC) of Korea and the National Small Industries Corporation (NSIC) for cooperation in the MSME Sector. The SBC will mobilise the South Korean MSMEs for technical and business alliances with their counterparts in India and organise partner matching events in Korea for Indian delegations.
The first India-Korea working group on the MSME sector was established on 31 March 2017, when both countries agreed to strengthen the cooperation among their small and medium enterprises through technology transfer and joint ventures, business alliances. Both sides recognised the need to provide support to each other's start-ups in accordance with their initiatives and programmes.
“We are aware that there lie immense opportunities for cooperation in the MSME sector between India and Korea. The small and medium business units from both countries can learn a lot from each other,” Mr Giriraj Singh said.
The press released noted that the India-Korea Technology Exchange Centre also aims to identify Indian technologies that have the potential to be exported to Korea and find suitable Korean partners for the same. The Centre will be able to initiate various cooperative MSME projects complimenting each other’s strengths in MSME sector, create Technology Data Banks from both countries to encourage technology transfers, produce high-quality products in India and encourage joint ventures and business matching between Indian and Korean SMEs.
Mr Hong Jong-haak said that Korea has a strong industrial base with well-developed small and medium enterprises (SME) sector, especially in advanced manufacturing technologies such as machinery & equipment, electronics, electrical machinery & equipment and robotics; the SMEs of both the countries can learn from each other to enhance their comparative advantages and be able to compete in the global market.
Dr Arun Kumar Panda, MSME Secretary, said that in today’s competitive environment, is it important to share the comparative advantage of MSMEs of different countries and that Indian MSMEs are very competitive in sectors like auto-components, drugs and pharmaceuticals, IT biotechnology, agro and food processing.
The Technology Exchange Centre has been established at the National Small Industries Corporation premises in New Delhi.