Technology exchange centre opened to boost Indo-Korea cooperation in MSME sector

The establishment of the India-Korea Technology Exchange Centre will boost bilateral cooperation in the MSME sector, Union Minister Giriraj Singh said today.

The minister along with South Korean SME and Startups minister Hong Jong Haak inaugurated the centre here.

An MoU was also signed between National Small Industries Corporation (NSIC) from the Indian side and Small and Medium Business Corporation (SMB) from South Korea.

Addressing the event, Singh said the first India-Korea working group on the MSME sector was established on March 31, 2017 whereby both sides had discussed various measures to boost bilateral cooperation in the MSME sector.

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, Singh said.

He expressed confidence that the India-Korea technology Exchange Centre will also work in areas like space, renewable energy, nanotechnology and artificial intelligence and other emerging technologies and hoped that it will create at least 10 joint ventures in transfer of various technologies in six months time.

The minister said the collaboration between NSIC and SMB will benefit MSME units from both countries by opening up business opportunities and boost capacity building in the sector.