By Diplomacy Journal Lee Kap-soo

“India offers promising prospects to Korean companies doing business in agriculture and food processing fields,” said Y. Kim, Adjunct Professor at the Hankook University of Foreign Studies, Department of Indian languages, Director at the Institute of Indian Studies and author of books like "India Now" and "Guide to Indian Business Trip".

At the 47th Speaker Forum, titled "Indian Elections 2024 - Political & Economic Outlook,” which was organized by the Indian Chamber of Commerce in Korea (ICCK), Prof. Kim, the keynote speaker, said, “Korean companies need to turn their eyes to India, which has been enjoying high economic growth under the Narendra Modi-led government.”

According to the World Outlook, predicted by the IMF, the economic growth of India is likely to have reached 7.8 percent in 2023 and see high growths of 6.8 percent in 2024 and 6.5 percent in 2025.

Prof. Kim said, “Under such circumstances, India with a huge population of some 1.4 billion needs to advanced technology in the agriculture and food processing sectors. And in such fields, Korean companies boast of top-tier technologies. So I think that it is very bright prospect for Korean enterprises to advance into the Indian market.”

On June 10, Narendra Modi sworn in as India's prime minister for a third term in a grand ceremony at the presidential palace in Delhi. Mr. Modi's BJP-led National Democratic Alliance won the general election with 293 seats, a much lower margin than predicted by exit polls.

Prof. Kim added, “In the face of such an external perspective, the Indian government is trying to drive the growth of its economy towards the G3. It emphasizes the need for growth in the manufacturing industry.”