South Korea, GCCI sign MoU for business cooperation

An official delegation from South Korea and the Gujarat Chamber of Commerce and Industry (GCCI) today signed a memorandum of understanding for co-operation between industries in Gujarat and the East Asian country, with a focus on automobile, defence and textiles sectors.
The South Korean delegation was led by the country's Consul General in Mumbai, Kim Soungeun.
The main objective of the MoU is to help Gujarat-based small and medium enterprises (SMEs) to explore opportunities through joint ventures with South Korean firms, especially in areas of automobile, defence and textiles, said GCCI president Shailesh Patwari.
"We import lubricants and auto parts for industry. Now that Gujarat is becoming an auto hub, JVs with Korean companies will help our SMEs. Our intention is also to support our SMEs in manufacture of defence equipment with the help of Korean companies," Patwari said.

Korean companies can offer technological help to the textile industry in Gujarat to reduce costs and compete with Bangladesh and China and improve ready-made apparel trade, he said.