India Korea Business Symposium was hosted by Invest India and Korean Chamber of Commerce and Industry (KCCI)in Seoul on 21st Feburary, 2019.The Symposiumwas organized to felicitate the Korean business community on their success in India and to present more opportunities for Korean businessinIndia.

Prime Minister of India, Narendra Modi, addressedthe business gathering on thewayahead to further strengthen bilateral ties between India and the Republic of Korea.Over 400 Korean business leaders, which includedcorporate groups likeCJ Group, Hyundai, Youngone Corporation, Samsung, LG, Lotte Group, SK Group and Hyosung were present on this occasion.

To furtherstrengthen the bilateral ties between India and Republic of Korea, Prime Minister, Narendra Modi, launched the India-Korea Startup Hub and Startup Grand Challenge.The Hub is hosted on theStartup India digital platform, the world’s largest virtual incubator with over 300,000 registered startups and aspiring entrepreneurs. The Hub willenableaccess to resources for market entry and innovation exchangebetween India and the world.

The Startup Grand Challenge, on the India-Korea Startup Hub, will channelize the entrepreneurial capacity between Indian and Korean Startups to work together and build solutions for the challenges facing the world. Initial challenges will be focussing on issues across the themes of Credit Rating, Predictive Analytics, Fraud Detection, Cyber Security, Primary/Secondary/Tertiary Healthcare. The State Bank of India and Mahindra Group of India will be mentoring, providing pilot project opportunities, and financial support of upto USD 50,000 to the winners.

The applications for the Startup Grand Challenge are live on www.startupindia.gov.in/korea.

Bilateral startup collaboration spurs India-Korea joint innovation with a hub and challenge to enable market entry and pilot support. A bilateral startup cooperation platform was launched comprising the India Korea Startup Hub on the Startup India digital platform and an associated Startup Grand Challenge to facilitate market entry, innovation exchange, and resource access between Indian and Korean startups. The Grand Challenge will invite joint solutions in areas such as credit rating, predictive analytics, fraud detection, cyber security and healthcare; winners receive corporate mentorship, pilot project opportunities and capped financial support, with applications submitted via the Startup India Korea portal.