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GCCI, South Korea sign MoU for business cooperation

An official delegation from South Korea and the Gujarat Chamber of Commerce and Industry (GCCI) signed a MoU for co-operation between industries in Gujarat and the East Asian country, with a key focus on the automobile, defence and textiles sectors. The South Korean delegation was led by the country's Consul General in Mumbai, Kim Soungeun.

The key objective of the MoU is to help Gujarat-based small and medium enterprises (SMEs) explore opportunities through joint ventures with South Korean firms, mainly in areas of automobile, defence and textiles, said GCCI president Shailesh Patwari. "We import lubricants and auto parts for industry. Now that Gujarat is becoming an auto hub, JVs with Korean companies will help our SMEs. Our intention is also to support our SMEs in manufacture of defence equipment with the help of Korean companies," Patwari noted.

Korean companies are offering technical help to the textile industry in Gujarat to reduce costs and help them compete with Bangladesh and China and improve the ready-made apparel trade, he added.