Korean auto component makers that participated in the recently held Auto Expo Components Show 2016 felt that India is a strategic manufacturing hub & marketing partner for them to export automotive components to global markets.
Many Korean companies participated in Auto Expo with the aim of extending their relationship with Indian companies by means such as Technology Transfer, Joint venture, Sales and Marketing …etc. Also many Indian companies exhibited keen interest in working with Korean companies in order to improve their quality and manufacturing efficiency to meet global standards.
For the last 15 years Wevio, a Global Business Consulting Company, working strategically with various automotive organizations, associations, techno parks in Korea as well as Indian organizations such as ACMA, CII, ARAI, NATRIP and also other Indian auto clusters. Wevio jointly working with Certified auto part association and other largest aftermarket auto parts distribution networks in North America for promoting the Aftermarket Auto parts manufactured in Korea as well as in India.
This year, Wevio and JBTB took part and set up the “Korean Pavilion” at the Auto Expo with Korean government organizations, MOTIE, JBTP, and KIAT and 11 promising Korean companies in the Automotive Industry.
Wevio found that there are many areas that are ideal to work together on between the Korean and Indian automobile industry, some are as follows:-
- Korea has great technology and R&D facility ready to explore for commercialization.
- India has great potential of buying power, manufacturing facility, smart human resource and also government of India promoting Automobile Industry with the Initiative “Make in India”.
- There are Korean car manufacturers such as Hyundai, TATA Daewoo, Mahindra SsangYong have their own OEM Manufacturing facility in India. So that this is great opportunity for Korean companies to work with Indian components manufacturing companies to supply to those OEM’s in India.
- Indian and Korean auto parts manufacturing companies had shown a keen interest to work together to expand their business in aftermarket auto parts.
Auto Expo 2016 was a tremendous opportunity for all of the participants and attracted a lot of attention at the event and was able to connect some promising companies around the world and some companies even offered request for quotation (RFQ) to the Korean companies. Auto Expo helped several companies establish a new business relationship with the Korean companies.
Wevio with the help of JBTB and with all Korean companies were privileged to be a part in the event and the companies rallied with us, experiencing new scopes in the automotive industry. Businesses grew, relationships grew and new partnerships grew.
Thank you India, thank you to all the companies and organizations, especially to CII, ACMA, SIAM & ARAI who supported Korea Delegation in this event of solid accomplishments!
Look forward for many business relationships happen between India and Korea.