BUSAN < invest Korea

According to Yonhap News,

(BUSAN=Yonhap News) Auto part suppliers in Busan discussed deals worth USD 8.2 million during a business meeting held in Pune, India.

On October 16, Busan Metropolitan City and Busan Techno Park announced that 10 local auto part suppliers from the city, including Coretech and Dongbang Tech participated in the Korea–India Business Meeting (auto parts and machinery) which was held in Pune, India, on October 7 to 12. The Korean companies discussed on export contracts with the largest automakers in India including Tata Motors and Hero Motor. The amount of contracts discussed during the meeting was worth USD 8.2 million in total.

Actual contracts worth USD 2.4 million are already in progress.

As a follow-up step, Busan plans to invite Indian buyers in November for the second business meeting.

India is emerging as a new economic power driven by the country’s fast growth and large population. India’s annual growth rate has reached 7 percent. The country also boasts of having the second largest population in the world.

In particular, the country’s auto part market is growing rapidly, recording a 14 percent annual growth rate over the last decade. It is hailed as a new export market for Korean auto part suppliers.

joseph@yna.co.kr

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Source Text

** This article was translated from Korean.

Source: Yonhap News (October 16, 2018)