The Spark Minda Ashok Minda Group has expressed its optimism about new business opportunities and further enhancing of economic ties with South Korea. The automotive industry in South Korea is the sixth largest in the world, in terms of automobile unit production and the fifth largest by automobile export volume.

The India-Republic of Korea Friendship Society (IRKF) recently welcomed the new Ambassador of South Korea to India, Mr Shin Bong-kil. Speaking at an event held at the India International Centre, New Delhi, Ashok Minda, chairman and Group CEO, Spark Minda, said: “India’s growing ties and increased cultural, business bonding with South Korea has immensely benefitted and greatly impacted the lives of my countrymen. I believe and am of the firm conviction that the two of the most promising economies of the world – India and South Korea – will continue to further deepen collaboration, which will play a significant role in promoting a mutually beneficial relationship in the national and economic interest of all.”

The event was attended by senior bureaucrats, corporates, government officers and members of IRKFS.

The South Korean automotive industry constitutes a significant market for global suppliers like Spark Minda. The company, which manufactures a varied range of automotive components, foresees sizeable future growth prospects in South Korea.

According to N K Taneja, Group chief marketing officer, Spark Minda, Ashok Minda Group, “The Spark Minda, Ashok Minda Group is keen to align and cater to South Korean car makers in India and is also aggressively pursuing opportunities to alliance/ partner for India with South Korean partners. As per government-identified sectors for bilateral agreement, our Group is also working on latest technology products for clean technology which includes components for the electric vehicle segment and other technologies such as connected mobility solutions, telematics, ITS and IoT.”