NEW DELHI -- South Korea and India have significant untapped potential for developing trade and economic cooperation in a wide range of areas, experts said at a forum in India on Friday.

To commemorate the 51st anniversary of diplomatic relations between Korea and India, the Korea-India Business Partnership Forum took place at Yashobhoomi in New Delhi, with more than 600 government officials, business leaders, and cultural and artistic figures from both countries in attendance.

A complementary marriage of India’s dynamic economic trajectory, driven by its 1.4 billion solid consumer base and innovative IT talent, and Korea’s manufacturing prowess, would unlock tremendous growth potential, speakers at the forum said in one voice, highlighting the importance of strategic partnership between the two economies to ride out the wave of global uncertainty.

“It is very meaningful that the relationship between Korea and India has been continuously developing for 51 years. This forum will offer a valuable opportunity for companies and experts from both countries to come together, achieve shared goals for cooperation and growth, and lay the foundation for moving toward a new century,” said Jung Won-ju, chairman of Herald Media Group and Daewoo Engineering and Construction while delivering an opening remark at the forum.

The forum was co-hosted by Herald Media Group -- the publisher of The Korea Herald and The Herald Business -- the Korea International Trade Association, and the Confederation of Indian Industry under the theme of Path to Economic Co-Prosperity.

“New and emerging technologies, manufacturing and services are all increasingly intertwined as supply chains become complex. … In this situation, a collaboration between two strong economies such as India and Korea is extremely beneficial,” Siddhant Kaul, chairman of CII Korea Council, doubles as managing director at Nicco Engineering Services said in his opening remarks.

Calling India a “pivotal economic partner,” Korea’s Industry Minister Ahn Duk-geun said bilateral collaboration between the two nations would provide a new impetus to their economies and create mutual benefits.

“The Korean Ministry of Trade, Industry, and Energy and the Indian Ministry of Commerce have been discussing the establishment of a regular ministerial-level Korea-India Industry Cooperation Committee. Through economic cooperation between the two governments, we will support exporting companies by improving customs procedures, easing regulations, and creating a stable investment environment,” he said in a video message.

Government officials from both countries also underscored the need for enhancing cross-border business opportunities with small and medium-sized enterprises.

"Korean SMEs are known for their innovative technologies and high-quality products, while Indian SMEs excel with creative ideas and outstanding talent. Cooperation between SMEs of both countries will not only drive economic prosperity but also strengthen competitiveness in the global market," said Kim Sung-sup, Korea’s vice minister of SMEs and startups.

"A number of factors including geopolitical issues and advent of new technologies and economic securities -- all necessitate that India and Korea explore new avenues of collaboration," said Indian Ambassador to Korea Amit Kumar in a video message.

In the following sessions, Korean and Indian business leaders from the manufacturing, construction, infrastructure, and financial investment sectors introduced their strategies for market expansion in India.

Samsung Electronics South Asia’s Senior Vice President Chun Sang-pil highlighted the strategic importance of India not only as a fast-growing market but a part of the global supply chain. Samsung has been operating the world’s largest mobile phone production facility in Noida, Uttar Pradesh, since 2018.

Tarun Garg, chief operating officer of Hyundai Motor India, shared the automaker’s nearly 40 years of journey in the market, which now has grown to become the country’s second-largest automaker.

Representing India's manufacturing sector, Narinder Goyal, Head of New Initiatives at Avaada Group, and S. Sarathi, CEO of ANAND Group, delivered speeches.

In the construction and infrastructure sector, Han Seung, chief global officer of Daewoo E&C, presented the builder’s business plan to expand into the housing sector from the current focus on infrastructure projects in order to contribute to India’s economic development and residential innovation.

In the financial and investment sector, Shrinivas Khanolkar, chief marketing officer of Mirae Asset India, introduced the local economic climate and investment opportunities. Mirae Asset has targeted India’s booming mobile securities market, growing into the ninth-largest player in just two years since entering the market.

The forum was held in conjunction with the KoINDEX, the largest private event since the establishment of diplomatic relations between Korea and India.