Korean MSME Industry Plans Investment in AP

Vijayawada: South Korea’s MSME industry has shown a readiness to invest in Andhra Pradesh, mainly in the agri-tech, agri machinery, food processing, automobiles, biotech, pharma and electronics sectors.

A Korean delegation led by Calvin Seungwon Yi, CEO of Wevio Global Inc, met MSME minister Kondapalli Srinivas, as also representatives of the society for elimination of rural poverty and NRI empowerment here.

They also met senior officials, including Sreedhar Cherukuri, director of industries, commerce and export promotion, and Abhishikth Kishore VC & MD of APIIC, to discuss the prospects of Korean investments in various sectors of MSMEs in the state.

The Korean team held discussions for the setting up of technology business incubation centres and the possibility of having an institutional engagement in agri tech, in the state.

The deliberations primarily focused on WEVIO Global - Korea collaboration with GoAP for boosting investments in agri-tech, food processing, aqua, biotech, pharma and electronics MSMEs and to strategically partner for a “soft landing and eventual scaling-up” of activities of Korean companies in the state.

Minister Kondapalli Srinivas, who chaired the meeting with the Korean delegation, spoke about the micro-level industries and the RAMP (raising and accelerating MSME productivity) programme being implemented at the state-level to enhance the performance of MSMEs through technology upgradation, innovation, digitization, market access, credit, greening initiatives, etc.

Calvin Seungwon Yi, CEO of Wevio Global, Inc, spoke about the Korean Technology commercialization in MSMEs and how the South Korean government is spending a huge share of its GDP towards R&D and tech interventions in India.

Sreedhar Cherukuri highlighted the state’s hassle-free business environment. He mentioned the development of new product-based MSME clusters and the conversion of the existing 28 dedicated MSME clusters/ parks across seven districts, to product-specific clusters with technology and expert interventions.