A memorandum of understanding was signed between the GCCI (Gujarat Chamber of Commerce and Industry) and South Korea. It is a memorandum of understanding for co-operation between industries in Gujarat and the East Asian country, with a focus on automobile, defence and textiles sectors.
The main objective of the MoU is to help Gujarat-based small and medium enterprises (SMEs) to explore opportunities through joint ventures with South Korean firms, especially in areas of automobile, defence and textiles.
- GCCI president Shailesh Patwari mentioned that Gujarat imports lubricants and auto parts for industry.
- Now that Gujarat is becoming an auto hub, JVs (Joint Ventures) with Korean companies will help the SMEs (Small and Medium Enterprises).
- The idea behind this corporation is also to support the SMEs in Gujarat in manufacture of defence equipment with the help of Korean companies.
- Korean companies can offer technological help to the textile industry in Gujarat to reduce costs and compete with Bangladesh and China and improve ready-made apparel trade.