Gyeonggi Province Governor Meets with Indian Ministers to Enhance Economic Cooperation

○ Gyeonggi Province Governor Dong Yeon Kim met with the Indian Minister of Electronics and Information Technology and the Minister of Co...

○ Gyeonggi Province Governor Dong Yeon Kim met with the Indian Minister of Electronics and Information Technology and the Minister of Commerce and Industry on July 4, coinciding with the 50th anniversary of Korea-India diplomatic relations, to enhance economic cooperation.

○ Visit to Samsung Electronics Noida Research Center.
- The average age of the workforce is 27; deemed an exemplary case of providing "opportunities" to talented young people.

Gyeonggi Province Governor Dong Yeon Kim strengthened strategic partnerships, including the establishment of a "Semiconductor Task Force," through consecutive meetings with Indian Minister of Electronics and Information Technology Ashwini Vaishnaw and Indian Minister of Commerce and Industry Piyush Goyal.

Governor Kim met with Minister Ashwini Vaishnaw at the headquarters of Indian Railways in New Delhi on the afternoon of July 4, local time.

In a greeting prepared using ChatGPT, Governor Kim stated, "Gyeonggi Province is at the forefront of South Korea in the fields of IT and AI. We consider ourselves to an especially ideal partner for cooperation with India, which has great expertise in IT. Pangyo Techno Valley has become a mecca of IT and ChatGPT in South Korea, and so I hope to strengthen relations with India based on that foundation."

Minister Ashwini Vaishnaw responded, "I am aware that Gyeonggi Province is a region with leading companies such as Samsung and SK Hynix. I think there is even more potential for future collaboration… In particular, since Korea is already known as a semiconductor powerhouse, we are likely to benefit from further assistance in the future."

Governor Kim emphasized, "Many world-leading semiconductor companies are investing heavily in Gyeonggi Province. Based on the investment plans of companies like Samsung and SK Hynix, Gyeonggi Province aims to support a semiconductor mega-cluster and become a global semiconductor mecca… If we can combine this with India's excellent IT workforce, we can achieve good synergy. I hope Gyeonggi Province can receive assistance from India for our mutual development."

Minister Ashwini Vaishnaw introduced India's ongoing economic policies, including the development of infrastructure such as roads, railways, ports, and airports, the cultivation of the manufacturing industry through the "Make in India" policy, the establishment of electronic payment systems, and the promotion of innovation and startups. He highlighted the potential for cooperation with Korea in these areas.

In response, Governor Kim said, "Since many companies related to infrastructure are located in Gyeonggi Province, it would be ideal to provide opportunities for their participation. While domestic manufacturing companies hope for additional entry into India, how about seizing the opportunity to cooperate further in advanced industries such as IT and AI?" He added, "Regarding digital transformation, Gyeonggi Province is promoting digitalization in traditional manufacturing and agriculture. In terms of ventures, we aim to make Gyeonggi Province a heaven for startups and ventures, and in Pangyo, such venture companies and capital in South Korea are the most active."

India has shown interest in fostering the semiconductor industry to the extent of attracting research and development (R&D) centers of major semiconductor companies such as Intel and Samsung Electronics. Gyeonggi Province, as home to Samsung Electronics and SK Hynix, the world's largest memory chip manufacturers, has been approaching the status of a "semiconductor mecca" by attracting the research institutes of the world’s top four semiconductor equipment companies since the current provincial administration took office.

Continuing the visit, Governor Kim also met with Piyush Goyal, the Indian Minister of Commerce and Industry, at the ministry’s headquarters in New Delhi.

Governor Kim stated, "I will strive to make the India International Convention Centre, scheduled to open in October, the finest convention center not only in Asia but also worldwide." He added "As the governor representing the largest province in Korea, I will do my best to strengthen the cooperative relationship with India."

The meetings with senior officials from the Indian Ministry of Electronics and Information Technology and the Ministry of Commerce and Industry were supported by the long-standing relationship between Governor Kim and India. In 2017, as then Deputy Prime Minister of Economy, Governor Dong Yeon Kim met the Indian Minister of Finance at the Korea-India Finance Ministers' Meeting to discuss economic cooperation in finance and trade, and he also discussed the entry strategies of domestic companies with the Chief Minister of Maharashtra in the same year. As Governor of Gyeonggi Province, he met with H.E. Amit Kumar, the Indian Ambassador to South Korea, on March 7 this year to discuss the expansion of cooperation in personnel and technological exchanges, as well as future industries such as semiconductors and electric vehicles.

On the same day, Governor Kim visited the Samsung Electronics Noida Research Center, located about 20 kilometers outside of New Delhi. This visit was made possible through the cooperative relationship with Samsung Electronics, which is headquartered in Gyeonggi Province, and it was the first visit by a government agency since the expansion and relocation of the Noida Research Center in February 2022.

The research center, established in September 2007, mainly focuses on research on smartphone device performance. Encompassing an area of 22,000 square meters (10 floors), it has over 2,300 employees, of which 1,595 are research and development (R&D) personnel. Of particular note, it is deemed a symbol of youth, innovation, and cooperation with an average employee age of around 27 as it actively recruits young local information and communication technology (ICT) talents.

Governor Kim visited the research center, accompanied by Park Jong-bum, CEO of Samsung Electronics India, and met with about 10 young Indian employees. Governor Kim and the Indian employees discussed personnel and technological exchanges between Gyeonggi Province and India, the spirit of innovation, and the understanding of history and culture for cooperation.

Governor Kim said, "I consider the collaboration between young innovators like you and Samsung as symbolic of the cooperation between our two countries." He continued, "Our relationship is not one-sided, but a win-win relationship in which we help and learn from each other. I hope that we can take pride in bridging the gap between our countries and contribute to our bilateral relations."