I have been with TATA for over 15 years having worked
“Now is the best time for Korean businesses to engage with India”
By Publisher-Chairman Lee Kyung-sik, Business Editors Choe Nam-suk, Joy Cho, Reporter-Photographer Ms. Soobin Kim
The Republic of Korea and the Republic of India are two very close countries in the world and this is especially so in the cooperation between the two countries in the economic and commercial areas. At a recent interview with
The Korea Post media (publisher of 3 English and 2 Korean-language news publications since 1985), Chairman Ramesh Vishwarath Iyer of the Indian Chamber of Commerce & Industry in Korea said: “Now is the best time for Korean businesses to engage with India and increase their footprint. India is undoubtedly the best place to do business in from a long-term perspective. The chamber is here to help them!’ Details of the interview Chairman Iyer follow:
Question: As the Chairman of the Indian Chamber of Commerce in Korea, please introduce yourself fully.
Answer: I have been with TATA for over 15 years having worked in North America, Europe, and India before relocating to Korea. My focus is to deliver innovative solutions that transform businesses and create positive social impact.
As the Country Head at TATA Consultancy Services (TCS), I engage with client leadership in South Korea to nurture alliances, foster growth, and shape outcomes for clients by improving their bottom line via digital transformation.
I have bachelors in Electronics and Telecommunication, and I have successfully delivered several large-scale projects across geographies, providing strategic, functional, and technical direction on key engagements. I have also completed an Executive Leadership Program at INSEAD Singapore.
I am passionate about leading a diverse and talented team, collaborating with global partners, and driving excellence and innovation.
In my previous role, I was stationed in Amsterdam, Netherlands where I closely worked with banking and financial services clients across Europe with a focus on optimizing throughput for risk and compliance regimes using AI/ML
Q: Please introduce your government minister in charge and commercial and economic spheres.
A: ICCK is a non-profit, non-political, non-governmental organization. However, we frequently work with various ministries of Indian National and State/Local government, such as the Ministry of Commerce and Industry, the Ministry of Finance and the Ministry of External Affairs.
Q: What are the major items of your role as the chairman of the Indian Chamber of Commerce in Korea?
A: As the chairman, I would like to drive engagement of Indo-Korean stakeholders further by delivering enhanced access to policy makers, investors and partners. We must be in a position to influence outcomes delivering growth at a rapid pace, so that we can attain our aspirational milestone of $50Bn in bilateral trade by 2030. We must engage and partner with different segments of businesses across Government, Chaebols, SMEs, Startups, Academia, & people-to-people connect.
Q: India is mostly known for its quality products and services. Please introduce them in detail.
A: We all can agree that. India has become an investment paradise and a global hub of manufacturing, services and innovation.
We are poised to become the 3rd largest economy within the next 5 years due to a variety of factors in our favor.
The key factors among them are India's significant demographic advantage, ability to capitalize on geo-political developments, exceptionally prudent fiscal policy delivering a sustainable >8% GDP in 2023, manufacturing push under make in India campaign, skill development, massive infrastructure development across roads, rail and sea, and so much more.
Now is the ideal time for Korean leaders/investors to come and work with India in strengthening economic and people-to-people ties across the aisle. I believe the work we do, under ICCK for the upcoming 2 years, will lay the foundation for a long-term future, and I sincerely hope that we leave a legacy of phenomenal achievements!
Q: What are the Korean products and services attractive to India?
A: Korean automobiles, automotive components, semiconductors, display, marine/ship building, defense sector, beauty & cosmetics, K-pop/K-drama, finished goods etc.
Q: Who are the Korean companies and what are their products 'loved' by the people of India?
A: There are more than 600 Korean companies operating in India ranging from Hyundai Automotives, Samsung electronics, LG Electronics, POSCO steel, CJ Logistics, Korean banks like Hana/Shinhan/Mirae investments and many more.
Q: What, if any, are the difficulties and/or room for improvement in the area of bilateral trade?
A: Trade deficit and imbalance of trade volume between two countries.
--Trade barriers (Tariff rate is still too high for certain products)
--Rules and regulations on trade and business
--Ease of movement & visa regimes for business travels
Q: What, if any, are the incentives for Korean businesses who wish to invest in India?
A: The incentives are as follows:
1) Low cost but high-quality labor
2) Attractive state and local government support – various incentives for investment (up to 70% in some cases)
3) Trend and steady growth (Annual Growth of over 6% for next 5 years)
4) No Indian Risk – Stable government and society. No foreseeable major external conflict
Q: Please add whatever additional details you wish to introduce to the business people and consumers in Korea?
A: Now is the best time for Korean businesses to engage with India and increase their footprint. India is undoubtedly the best place to do business in from a long-term perspective. The chamber is here to help!
The Korean Foreign Ministry comments on Korea-India relations:
The government of Korea has a primary focus placed on the two countries. First and foremost is the policy to expand and deepen the bilateral Korea-India Special Strategic Partnership. The efforts are also geared towards ensuring the growth of the Korean corporations and looking after the welfare of the Korean community in India by enhancing mutual understanding, trust and friendship between our two peoples.
The Korean-Indian bilateral relations boast longstanding historical and cultural ties, spanning over two millennia. Korea and India forged diplomatic relations in 1973, paving the way for a sound and steady development in bilateral relations across a wide range of areas, including politics, economy and culture.
The signing of the Korea-India Special Strategic partnership in 2015 and the launch of New Southern Policy by the then Korean Administration in 2017, a policy that is in synchronization with the Prime Minister Narendra Modi government’s Act East Policy, have led to a turnaround in our bilateral relations, cooperation and friendship.
The State Visits of President Moon Jae-in to India in July 2018 and of Prime Minister Narendra Modi to Korea in February 2019 have further taken the bilateral ties and friendship between the two countries to a new high.
As a newly emerging power, India holds vast potential and opportunities for bilateral cooperation.
Nearly 700 Korean business companies, both big and small, have entered the Indian market and increased their investment.
Also, with K-Pop and other Korean Wave contents gaining popularity among the Indian youth, interest of Indian people in Korean culture and language is steadily growing.
In milestone developments, Korean history was included in the Indian school text-books in 2018 and Korean language was offered as a foreign language in Indian secondary schools in 2020.
Around 10,000 Korean nationals reside in India and they serve as the backbone of strong bilateral relationship.