India and South Korea on Thursday launched a Startup Hub as the two countries moved to step up increased cooperation in high technology.
On the first day of his two-day visit to South Korea, Prime Minister Narendra Modi inaugurated the India Korea Startup Centre and said this signified the synergy in policy regimes of the two nations and a reflection of areas of common interest.
“Our vision of an India-Korea Startup Centre will provide a hub for Korean startups and Indian talent to freely communicate,” he said.
South Korean National IT Industry promotion Agency has already opened its India office in Bengaluru to facilitate Korean startups to India.
In the field of innovation, both countries have decided to establish “India-Korea Future Strategy Group” and “India-Korea Centre for research and Innovation Cooperation” to provide an institutional framework for future-oriented cooperation based on research, innovation and entrepreneurship.
Research and innovation would be the driving force in 4th industrial revolution era. India has a $1.4 billion Start-up India programme while South Korea has unveiled a plan to spend $9.4 billion by 2020 in a bid to increase capital supply for startups and venture-friendly environment.
Addressing India Korea business symposium, the prime minister said India has emerged as a land of opportunities and that he wanted to see “more and more Korean businesses turning their attention to India.”
“While we work for realizing the ‘Indian Dream’, we seek like-minded partners. And, among them, we see South Korea is truly natural partner.”
Stressing that economic progress is closely tied to world-class infrastructure, be it transport, power, ports, shipbuilding, housing and urban infrastructure, he said, “there is huge demand in India while there are strong technological capabilities and capacities in Korea.”
To support India’s infrastructure development, the two countries have identified $10 billion under Korea’s Economic Development Cooperation Fund and Export Credit to finance such projects.
The National electric mobility mission of India aims for affordable and efficient Electric Vehicles. South Korea being a leading manufacturer of Electric Vehicles has a huge opportunity in this sector.
This was Modi’s third interaction with the Korean business leaders in the span of just 12 months. “This intensity is intentional. I wish to see more and more Korean businesses turning their attention to India,” he said.
Ahead of Modi’s two-day visit, President Moon Jae-in on Wednesday had said both countries should jointly lead the Fourth Industrial Revolution.
” India is home to a world-class pool of ICT professionals and an innovative business ecosystem in addition to basic science and technology. Korea has advanced information and communication technology as well as manufacturing and commercialization capabilities.
“If our nations can combine our strengths harmoniously, I believe that we will be able to jointly lead the Fourth Industrial Revolution,” Moon said.
