Assist in increasing bilateral trade between the two countries. Mr. Kim Dong-Sun, Administrator, Small & Medium Business.
Opening a new chapter in the bilateral trade relations between India and Korea, IndiaMART.com, India's largest online B2B marketplace along with Korea Trade-Investment Promotion Agency (KOTRA) have joined hands to open growth avenues for both Indian and Korean Small and Medium Enterprises (SMEs). IndiaMART.com alongwith KOTRA, today, announced the launch of online business matchmaking platform 'Korean Products Pavillion' on IndiaMART.com – indiamart.com/korea – bringing Indian buyers and Korean suppliers at the same market place.
Mr. Kim Dong-Sun, Administrator, Small & Medium Business Administration, South Korean Government provided impetus to this initiative with his presence at the launch ceremony which took place at Korea Business Incubating Center, New Delhi. Also, present at the event, Mr. Dinesh Agarwal, Founder and CEO, IndiaMART.com elaborated on the growth opportunities to be provided by this new Korean Products Pavillion to both Indian and Korean SMEs. Korean contingent comprising of Mr. Moon Seok Choi, Director General, KOTRA New Delhi, along with other KOTRA officials, SMBA officials and Korean Business representatives in India were also present at the launch. This alliance seeks to establish strong business networking relations between the two countries.
Delving on the significance of the Joint Initiative, Mr. Dinesh Agarwal said, “Both India and Korea are witnessing an upswing in their bilateral trade with the estimate standing at around $24 billion for the next five years. This high growth scenario gives us a perfect opportunity for a strategic alliance with KOTRA to jointly catalyse business opportunities between SMEs in India and Korea. IndiaMART.com, today, proudly plays host to over 1 million registered and nearly 5 million global buyers across various industries and verticals. Together with KOTRA, we are aiming to replicate our success with Korean suppliers too and help them reach out to Indian buyers."
Upbeat about bilateral trade between India and Korea, Mr. Kim Dong-Sun said, “I believe that this initiative will strengthen bilateral trade between the two countries - Korea and India...There is a good scope for Korean businesses in India. For this, IndiaMART.com, as a leading B2B company, will play a very good role in promoting Korean businesses. To begin with, there are 19 Korean suppliers which are registered with IndiaMART.com. In next two-three months, we are expecting around 100 Korean businesses to explore Indian market through IndiaMART.com.”
A landmark event for Korean suppliers and Indian buyers, the initiative will enhance trade prospects and boost online business between them. As part of the alliance, IndiaMART.com will host an exclusive Korean Products Pavillion on its website which will allow Korean suppliers to showcase their businesses, products and services and thus, seek business partnerships with a large number of Indian buyers who frequently use IndiaMART.com for their sourcing needs. All the listed Korean companies will be able to access the Indian market through IndiaMART's wide network.
Through this joint initiative, Indian businesses will also get access to a large number of Korean products and services. They will be able to interact with Korean suppliers as per their sourcing requirements. Aggregation of multiple suppliers on a single platform would enable them to derive a good value and get better quality products and services to meet their needs. They will also be able to benefit from the business services extended by KOTRA to facilitate easy trade between India and Korea.
IndiaMART.com is India's largest online B2B marketplace connecting global buyers with suppliers through business directories, online product catalogs, buy-sell offers, industry specific marketplaces, printed media and trade shows participation.
Founded in 1996 by Mr. Dinesh Agarwal (CEO), the company has a pan-India presence in over 100 cities. With over 3500 employees located across 71 offices in the country, IndiaMART.com offers an extensive range of value- added products and services to its 1 million registered members and nearly 5 million global buyers across various industries and verticals.
IndiaMART.com has won numerous awards over the years and has been widely covered by media such as CNBC, BBC, BusinessMoney, CNN, Businessworld, Economic Times, Financial Express, etc for its pioneering role in promoting SME business in the country. Its existing investors include Intel Capital and Bennett, Coleman & Co. Ltd (Times Group), India's largest print media group.
KOTRA serves as a bridge between Korean exporters and overseas buyers. Vested with a well-balanced industrial structure, Korea is highly competitive in a range of output from traditional manufactured goods to high-tech products. KOTRA helps foreign buyers get quality products at the most competitive prices through business matchmaking, international exhibition and e-Trade.