The Indian Chamber of Commerce in Korea and the Korea Nonferrous Metal Association on Thursday signed a memorandum of understanding to support its member companies on exploring new business opportunities.

The signing ceremony was attended by some 60 industry people, including Park Jin-kyu, vice minister of the Ministry of Trade, Industry and Energy, Sachin Satpute, head of the chamber, and Lee Je-joong, chairman of the association.

“The Make in India Initiative is a great opportunity for Korean companies amid growing interest among business communities for the investment and trade promotion,” Satpute said.

“The ICCK and KONMA will cooperate (with) each other to accomplish vision of economic development and trade promotion between India and Korea.”

Exports of nonferrous metals amounted to $11 billion last year, a 0.4 percent increase from a year ago despite the COVID-19 pandemic, according to data from the association. 

By Sanjay Kumar (sanjaykumar@heraldcorp.com)