Business Forum in India to Gather 500 Business Leaders

Other big names at the forum hosted by the Chosun Ilbo, Korea Trade Investment Promotion Agency and Confederation of Indian Industry will include CII President Shobana Kamineni and Hemant Sikka, the chief purchasing officer at Mahindra.

From Korea, there will be Rep. Song Young-gil, who heads the presidential committee on Northern Economic Cooperation, Park Yong-man, the head of the Korean Chamber of Commerce and Industry, and a group of corporate moguls from Samsung, SK, Hyundai, CJ and POSCO.

Indian Finance Minister Arun Jaitley and Commerce Minister Suresh Prabhu will deliver keynote speeches.

India's economy continues to roar, buttressed by its 1.3-billion population. In spite of increasingly protectionist trade policies in the U.S. and China, India has pulled off economic growth rates in the seven-percent range every year since 2014.

India's economy will more than double in size by 2025 to reach US$5 trillion, Modi projected at the Davos Forum in Switzerland last month. The World Bank and other international organizations also expect India to become the world’s third biggest economy after 2030.

A growing number of Korean businesses that are suffering from protectionism in the U.S. and a Chinese boycott are sizing up the vast Indian market.

Altogether some 100 senior Korean and 200 Indian figures are expected at the event, with some 50 Korean small and mid-sized companies specializing in renewable energy, shipbuilding, IT, automobiles and food processing playing an important part.

Individual sessions will be held focusing on Modi's six industrial objectives -- cars, textiles, processed food, electronics, chemicals and start-ups. India hopes to attract more Korean carmakers to set up operations there following the successes of Hyundai and affiliate Kia. An official at India's heavy industries ministry said, "At a time when air pollution has become a major issue, we will see a lot of interest in hydrogen fueled cars and autonomous vehicles."

KOTRA will arrange one-on-one meetings with Korean SMEs, Indian buyers and government representatives to provide opportunities for SMEs to explore new markets. The heads of big Korean conglomerates will also get a chance to talk to Modi and his ministers directly.

The Indian government set up a special agency early this year to prepare for the forum, bringing together officials from eight central government ministries.

The inaugural forum was held in New Delhi in January 2016.