New Delhi: The Indian Electronics System Design & Manufacturing (ESDM) industry is accelerating towards being self-sufficient and reduce its import bill.
To further boost this, the Indian Electronics and Semiconductor Industry (IESA) has signed an MoU with Korea Trade – investment Promotion Agency (KOTRA). The collaboration is intended to establish a business platform to promote and enhance business cooperation in the Electronics and Semiconductor industry between the two countries.
Anilkumar Muniswamy, Chairman – IESA and Dr. Pyung Oh Kwon, President – KOTRA signed the MoU.
“We are very excited by the synergies that the countries would derive from this partnership. The vision of IESA is making India the global hub for design and manufacturing with special emphasis on innovation and entrepreneurship, for revamping the landscape of the ESDM ecosystem in India. A collaborative effort will help accelerate the process and I am looking forward to working with KOTRA for a substantial growth in the coming years,” said Anilkumar Muniswamy, Chairman – IESA.
With the intention to promote business in the Electronics & Semiconductor sectors between both countries it is essential to have a process which makes it easier to do business. Both the Korean and Indian government has been supportive through the Invest Korea and Invest India programs to make this happen. While Korea has a well-established system for foreign direct investment (FDI) and provides various incentives to induce investment, India showed an increase in FDI by 37% since the launch of Make in India Initiative.
Both IESA and KOTRA would share information relating to Electronics and Semiconductor industry and promote value chain for production, research & development, design, marketing, exchange of manpower in the Electronics and Semiconductor industry.