India needs advanced technologies to strengthen manufacturing ecosystem: PHDCCI CEO

New Delhi [India], November 4 : India needs good technologies to build an advanced level of manufacturing ecosystem, according to Dr Ranjeet Mehta, CEO and Secretary General of PHDCCI.

Speaking to the ANI, Mehta said, "India is aspiring to become manufacturing hub of the world, so therefore, for this we definitely need good technologies, especially the kind of manufacturing ecosystem that is being built in India which is keeping in mind the vision of Viksit Bharat."

"India is one of the fastest-growing economies in the world, with immense opportunities for collaboration in manufacturing, clean energy, and digital transformation. With South Korea's advanced technology and India's growing manufacturing ecosystem, this partnership can foster sustainable and mutually beneficial growth," Mehta said.

The PHD Chamber of Commerce and Industry (PHDCCI) and the Busan Chamber of Commerce and Industry (BCCI), South Korea, on Tuesday signed a Memorandum of Understanding (MoU) in New Delhi to strengthen bilateral trade and industrial collaboration between India and South Korea.

The agreement aims to enhance cooperation in key sectors such as manufacturing, clean energy, digital technology, maritime logistics, and emerging industries, paving the way for increased business exchanges, investments, and knowledge sharing.

Mehta highlighted that Indian market, with its 1.4 billion people and over 65 million MSMEs, presents significant opportunities for Korean industries, particularly in manufacturing, clean technology, green transformation, and infrastructure.

Talking about the collaborations, Mehta added that the current delegation aims for meaningful partnerships that will enhance India's manufacturing ecosystem, aligning with the vision of "Viksit Bharat" by 2047.

Yang Jae Saeng, President, Busan Chamber of Commerce and Industry said, "It is truly meaningful to sign this MoU with PHDCCI here in Delhi, the heart of India. Busan is transforming into a global hub for smart logistics, EVs, and digital technology. India's rapid economic growth and strong manufacturing capacity present valuable opportunities for collaboration."

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