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‘Korean Startup Town’ to Be Built in India
Startup Cooperation
‘Korean Startup Town’ to Be Built in India
  • By Jung Suk-yee
  • July 10, 2018, 12:21
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South Korean minister for SMEs and Startups Hong Jong-haak (right) speaks at a lunch meeting with representatives from Korean companies in India on July 9.
South Korean minister for SMEs and Startups Hong Jong-haak (right) speaks at a lunch meeting with representatives from Korean companies in India on July 9.

South Korean minister for SMEs and Startups Hong Jong-haak who accompanied President Moon Jae-in in his state visit to India said that a “Korean Startup Town,” where startups from both countries freely exchange and cooperate, would be forged in India, at the Korea-India Startup Agreement Signing Ceremony that took place in New Delhi on June 9.

Minister Hong said in the ceremony, “The current export incubator in the southeast New Delhi’s industrial complex will be moved to a larger Gurugram district with an open co-working space,” adding, ”It will serve as a startup hub for Korean startups and Indian engineering talent and investors to freely communicate and cooperate.”

Gurugram is the second largest city in Haryana, a state in northern India, and one of the country’s leading industrial and economic centers. A number of foreign multinational companies and Korean companies including Samsung and Hyundai are already established in the region. The living environment is supposedly good as well, with Korean guest houses serving accommodation there.

“India is emerging as a post-China market and has well-educated talent, which will enable both Korea and India can achieve much gains from startup exchanges,” minister Hong added.