-Korea and India have a strong economic partnership that is rapidly expanding
-Korea Fair in India is back to offer the ultimate Korean experience
New Delhi. June 1, 2022: Bilateral trade between India and South Korea reached the highest ever figure of US$23.7 billion in 2021, up by 40% as compared to the previous year’s total of US $16.9 billion despite years 2020 and 2021 remained affected with Covid-19 pandemic.
This was disclosed by the Ambassador of the Republic of Korea to India, Chang Jae-bok while inaugurating 4th edition of the Korea Fair in India (KFI) 2022 in New Delhi today.
After concluding a successful event in the year 2021, the 4th edition of the Korea Fair in India (KFI) aims at promoting Korean products, trade, and culture, and is being organised (June 1-5 at Select City Walk (Saket), by the Korea Trade-Promotion Agency (KOTRA). KOTRA is the Commercial Section of the Embassy of the Republic of Korea in India.
Ambassador Chang Jae-bok said, “Korea and India have a strong economic partnership that is rapidly expanding. According to data from Korea’s Ministry of Trade, Industry, and Energy (MOTIE), bilateral trade between the two countries reached $23.7 billion in 2021, surpassing $21.5 billion in 2018. This was the highest-ever trade volume between the two countries, representing a 40% increase over the previous year’s total of $16.9 billion (year 2020).”
KOTRA, the commercial section of the Embassy of the Republic of Korea, is evolving this year’s KFI as a platform to explore new ways to boost trade between India and Korea.
Korea Fair in India 2022 promises to be a diverse and innovative event that will bring the Korean industries and India’s most prominent businesses together, under one roof for 5 powerful days of business and direct networking opportunities. As a result, a variety of about 150 Korean products from over 45 Korean companies will be showcased. From beauty cosmetics, F&B, electronics, and utility to confectionary, pet products, and jewellery, an abundance of K-goods will be ready to meet the demands of Indian consumers. Among these over 40 products are being introduced to the market for the first time.
The fair was inaugurated by Korean Ambassador to India, Chang Jae-bok and Managing Director, South Asia, KOTRA, Joonhwa Bin. Mayank Aggarwal, Senior Director of Flipkart Marketplace also joined the inauguration to announce KOTRA-Flipkart collaboration with the launch of K-Mall, a dedicated space for KOTRA promoted products on Flipkart.
Ambassador of the Republic of Korea to India, Chang Jae-bok in his opening speech said, “Korean products have a global reputation for being best-in-class at a fair price. Korea Fair in India, in its fourth year, has already become a big hit with the Indian public. Last year, the fair drew an enthusiastic response from Indian people. There are over 60 Korean exhibitors, showcasing a wide range of products, including cosmetics, household appliances, kitchenware, toiletries and other daily-life products. The good news is Korean products are now available online and the Indian public can buy them via the K-mall on India’s largest e-commerce platform Flipkart. I wish the organizers, exhibitors and visitors an exciting experience and useful business contacts.”
Furthermore, Indian consumers will also get a chance to experience Korean culture, cuisines, beauty tips, and much more through product launching, food tasting, and beauty events that are scheduled throughout the entire period of the fair. KFI2022 has invited also Indian businesses to come over to identify Korean products that they would like to include in their existing product offering. KOTRA, after successfully hosting the New Delhi KFI, is planning to host the same event in Bangalore (4th of July till 10th of July) and Chennai (tentative) as well. This fair is supported by the Embassy of the Republic of Korea to the Republic of India, and Korea Tourism Organization India.