A technology exchange centre to boost technological collaboration between Indian and South Korean micro, small and medium enterprises (MSMEs) was inaugurated in New Delhi on Tuesday.

MSME Minister Giriraj Singh and Minister of SMEs and Start-ups of Republic of Korea, Hong Jong- hak inaugurated India-Korea Technology Exchange Centre

Speaking on this occasion, Giriraj Singh said that the purpose of the Technology Exchange Centre is to create a platform for micro, small and medium enterprises of India and Korea where they can be assisted to identify and exchange latest technologies, share management expertise, product development and technology applications for product development.

The MSME Minister further said that the Technology Centre will also work towards building reliable alliances in Space, Solar Energy, Nano technologies and some other upcoming technologies.

He said that a number of Korean organizations have showed keen interest to initiate technology transfers in MSME sectorsbetween the two countries and this Centre will provide them reliable partners for effecting   business alliances.

The Minister of SMEs and Start-ups of Republic of Korea, Hong Jong-hak said his country has strong industrial base with well-developed small and medium enterprises (SME) sector, especially in advanced manufacturing technologies such as machinery & equipment, electronics, electrical machinery & equipment and robotics.

He said that SMEs of both the countries can learn from each other to enhance their comparative advantages and be competitive in the world.

Secretary, MSME Dr. ArunKumar Panda said that there is need to share the comparative advantage of MSMEs of different countries.

He said Indian MSMEs are very competitive in sectors like auto components, drugs and pharmaceuticals, IT bio-technology, agro and food processing.  

The India-Korea Technology Exchange Centre will work towards identifying Indian technologies which can be exported to Korea and find suitable Korean partners for the same, initiating various cooperative

MSME projects complimenting each other's strengths in MSME sector, creating Technology Data Bank from each side to encourage technology transfers,  production of high quality products in India and encouraging Joint Ventures and business matching between Indian and Korean SMEs, besides others.

An MoU was signed  between the Small Business Corporation (SBC) of Korea and the NSIC for cooperation in the field of MSME Sector.  The SBC will mobilise the South Korean MSMEs for technical and business alliances with their counterparts in India and organise partner matching events in Korea for Indian delegations.

The India-Korea Technology Exchange Centre has been established at the National Small Industries Corporation  premises in New Delhi.