New Delhi | The PHD Chamber of Commerce and Industry (PHDCCI) has signed an agreement with the Busan Chamber of Commerce and Industry to strengthen bilateral trade and industrial collaboration between India and South Korea.

The Memorandum of Understanding (MoU) aims to enhance bilateral cooperation across key sectors, including manufacturing, clean energy, digital technology, maritime logistics, and emerging industries, paving the way for increased business exchanges, investments, and knowledge sharing.

"Busan is transforming into a global hub for smart logistics, EVs, and digital technology. India's rapid economic growth and strong manufacturing capacity present valuable opportunities for collaboration," Yang Jae Saeng, President, Busan Chamber of Commerce and Industry, said.

Yang further highlighted that bilateral trade between South Korea and India reached USD 25.1 billion in 2024, and the MoU will play a pivotal role in promoting deeper trade, technology, and investment partnerships.

According to Ranjeet Mehta, CEO and Secretary General of PHDCCI, India is one of the fastest-growing economies in the world, with immense opportunities for collaboration in manufacturing, clean energy, and digital transformation.

"With South Korea's advanced technology and India's growing manufacturing ecosystem, this partnership can foster sustainable and mutually beneficial growth," he added.