KOSME to double capacity to leverage India opportunity

Expecting a surge in the influx of Korean small and medium-sized business enterprises because of emerging opportunities in India, Korea SMEs & Startups Agency (KOSME) is going to double its capacity for accommodating more Korean entities at its Global Business Center (GBC).

Situated at the DLF Cyber City, the GBC currently accommodates 30 Korean SMEs and startups but has an ambitious plan to make room for 60 entities at its ultra-modern facility. So far, KOSME has supported more than 100 Korean starups in India.

An arm of the Korean Ministry of SMEs and Startups, KOSME provides vital support to Korean SMEs, including office space at subsidized rates to help them settle in India and compete in the competitive Indian market. It also provides consulting on localization, corporation establishment, logistics, customs clearance, and local employee recruitment. This comprehensive support structure is designed to facilitate the smooth entry and operation of Korean SMEs in the Indian market.

India is perceived as a market for a good opportunity for India to replace China and Southeast Asia due to changes in the Global Value Chain (GVC).

According to Mr. Lee Jae Kyeong, Director – KOSME, there are approximately 500 Korean SMEs currently operating in India, with Delhi NCR, Bengaluru, and Chennai being the most preferred regions for establishing businesses due to rapid technological growth.

These regions serve as hubs for both B2B and B2C enterprises, with a notable presence of food and cosmetics companies catering directly to consumers. However, there is also a growing interest from B2B companies as investments from large corporations increase.