The Ministry holds K-Global@India 2018 (July 12)
- Korean promising ICT firms to make inroads into the Indian market
□ The Ministry of Science and ICT announced that ‘K-Global@INDIA 2018’ was successfully held by the KOTRA and K-ICT Born2Global Center in New Delhi, India on Tuesday, July 10.
□ The K-Global@Event, comprised of the exhibition, export consultation meetings and startups demo day, is a project with the aim of supporting the advancement of promising ICT startups.
ㅇ This event was organized to provide opportunities to attract investment and secure the Indian market, which is attracting foreign capital and promoting the policy to foster startups, on the occasion of the President Moon’s visit to India.
□ The Demo Day, which started off with a panel discussion covering the startup ecosystem and cooperation methods, was attended by 12 startups selected by the Born2Global Center, a startup incubator that help Korean ICT companies enter the overseas markets, and the NASSCOM 10,000 Start-up, an institution that supports Indian startups. The 12 startups also competed in a heated pitch contest.
ㅇ The final winners were Korean company Exosystems, which developed a wearable joint rehabilitation solution, and Indian company Chainwolf, which introduced a marketplace based on the blockchain. Both startups received a lot of attention from the participants.
ㅇ In addition, participating companies developed various partnerships with local investors. For example, Day2Life, which provides mobile diary services, discussed investment of KRW 1billion with IDG Ventures, which is a global venture capital company, through networks.
□ In exhibition and export consultation meetings, 26 companies showcased their technologies and products in the fields of IoT, healthcare, software solution, broadcasting communications and security, and Fintech, selected by the KOTRA in consideration of the characteristics of the Indian ICT market. Also, there were more than 280 cases of 1:1 export consultation meetings with 130 global buyers who are secured through prior surveys.
ㅇ In particular, this event confirmed the possibility of entering the Indian market with the signing of MOUs total of US$ 2.7 million, including the Agreement on Biometric Security Solution, worth US$ 50,000, between IRIENCE and Abacus Infotech, and the Agreement on Audio Communications Module and Solution Supply, worth US$ 1 million, between Addeleco and Black peppers.
□ On that day, Minister You Young Min of Science and ICT encouraged companies from both nations participating in K-Global@INDIA 2018 and said, “As the two nations are an ICT powerhouse based on outstanding human resources, I wish Korea and India can create synergy through our bilateral cooperation.” Minister also added that “We will strive to provide various policies so that the Korean companies can enter the global market without fear of failure.”