Karnataka’s Minister for Large and Medium Industries and Infrastructure Developmnet, MB Patil, has secured strategic partnerships with South Korea. The move signals a promising future for startup ecosystem in the state.
The discussions with South Korean government focused on strengthening ties. The high-profile meetings were talks with Vice Governor Hyun Gon Kim of Gyeonggi Province and Lee Hae Woo, Deputy Mayor for Economic Policy of Seoul Metropolitan Government.
South Korean Vice Governor Kim expressed a strong interest in expanding cooperation in electronics, startups, research and development, biotech and medtech. The talks highlighted similarities between Bengaluru and South Korean tech hub Pangyo Techno Valley. They discussed potential collaborations for upcoming KHIR city near Bengaluru. Kim simultaneously invited Karnataka’s government and companies to participate in the Gyeonggi Startup Summit in September 2024 and the Korean Industry Expo (KoINDEX) in New Delhi in November 2024.
Minister Patil focused on mutual business interests and particularly in finance, investment, startups and R&D in the meetings. He extended an invitation to Korean startups to participate in the Global Startup Challenge – VentuRISE.
The delegation met senior executives from KEB Hana Bank too and discussed presence and expansion plans of the bank in India. Patil simultaneously emphasized the status of Bengaluru as a global city. He highlighted mutual benefits of the bank and the Korean government as well with the state.
The meetings reflect proactive approach of the state in fostering international collaborations. Bengaluru can reaffirm its position as a premier investment destination in India. It can also open up new avenues for growth and innovation in the startup ecosystem.
The successful outreach of Patil and the resulting commitments from South Korean officials reflect a promising future.
