President Hwang Kiyeon of Export-Import Bank of Korea Meets Indian Ambassador... Expands Financial Cooperation in Strategic Industries
Supporting Shipbuilding and Advanced Manufacturing Expansion Linked to "Make in India"
Diversifying Cooperation into Key Minerals, Digital and AI Technologies, and Clean Energy
The Export-Import Bank of Korea is expanding the scope of its financial cooperation with India beyond shipbuilding and marine industries to encompass future strategic sectors, including key minerals, digital and artificial intelligence (AI) technologies, and clean energy.
The Export-Import Bank of Korea announced on September 3 that President Hwang Kiyeon met with Indian Ambassador to Korea Gauranglal Das at the bank's headquarters in Yeouido, Seoul, to discuss the current state of economic issues between the two countries and potential cooperation strategies in strategic industries.
Both sides exchanged views on building a local industrial ecosystem in the shipbuilding, marine, and advanced manufacturing sectors, in connection with India's government's "Make in India" policy initiatives.
Given that Korean companies have recently been exploring the feasibility of projects such as shipyard and integrated steel mill construction in India, discussions were also held to assess the status of ongoing cooperation and identify ways to support Korean companies in establishing a presence on the ground.
The two parties also explored ways to broaden the areas of cooperation to include future strategic industries such as key minerals, digital and AI technologies, and clean energy transition. In particular, they agreed on the need to strengthen collaboration in supply chain security, with India possessing major key minerals like lithium, and Korea offering advanced manufacturing technology.
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President Hwang stated, "India is Korea’s key economic cooperation partner and a country with a high degree of synergy in the manufacturing and high-tech industries. The Export-Import Bank of Korea will faithfully serve as a financial bridge to support the expansion of our companies into a diverse range of strategic industries in India."
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