Our products can compete with the Chinese: Korean industry

 

Since the time India has thrown open her doors to foreign investors and investments, countries all over the world are vying to show India that they possess much superior quality products that can give the Chinese a run for their money. South Korea is one such country that is making its presence felt. Who in India hasnt heard of Hyundai, Samsung and LG? They are silently and steadily making inroads into the Indian psyche.

 

The Dollar Business had an opportunity to talk to a group of South Korean business persons representing varied sectors and exhibiting their products at the India International Trade Fair (IITF), Pragathi Maidan, New Delhi.

 

South Korea this year is the ‘Partner Country’ of the 36th edition of IITF, that has been going on from November 14 and ends on Nov 27.

Alan Shin, Sales Manager, Se Young Metal Co Ltd, spoke to the correspondent of The Dollar Business on the sidelines of IITF. When asked about his presence at the Fair, Alan said “We are here to look for new reliable business partners. We know that Chinese products are a hit in India because of their cheap prices. Though it seems difficult to start a business in India we are confident that with our quality products we can bring a lot of difference in the Indian market.”

 

When asked about the strategy to counter cheap Chinese products Shin brimming with confidence said, “Our main strategy is to price our products 20-30% more than the Chinese ones. Even after doing that we can still compete as we have our brand name, ‘Made in Korea.' This is our main strategy and we are sure to win the Indian market with it. We may not be able to make profit initially but our main purpose is to make the Indian customers aware of the quality of products made in South Korea,” he explained.

An Byung Son, representing Korea International Trade Association (KITA) said, “We are here to support India-Korea Comprehensive Economic Partnership Agreement (CEPA), which was signed on August 7, 2009 and came into force on January 1, 2010. It will be helpful for trade between India and Korea.”

We are here to explain CEPA to Indian buyers and importers. The agreement is helpful for both exporters and importers,” he added.

Yongjin Rho, also representing KITA, informed that there are 20 companies from Korea, that are participating in IITF. This year, the companies showcasing at the IITF are mainly from consumer products, appliances and electronic product divisions. Most of the companies here are SMEs looking for business and trade opportunities in India.

“We are looking for new business partners and opportunities to export our products to India,” he added.