Cooperation in a Fragmented World at World Economic Forum Annual Meeting 2023

The World Economic Forum Annual Meeting 2023 was held in the Swiss town of Davos from January 16–20, 2023, with the theme “Cooperation in a Fragmented World.” Over 2,700 leaders, including more than 350 heads of state, government officials, and ministers, and about 3,000 paying members and chosen participants, including investors, business leaders, political leaders, economists, celebrities, and journalists, gathered for up to five days to discuss global issues in 500 sessions on subjects like the economy, the conflict in Ukraine, and the climate crisis. The annual gathering offered a forum for conversation about the strategic next steps toward resolving the world's most serious problems; this year, through the lens of Cooperation in a Fragmented World, it highlighted the necessity for significant public-private sector partnerships. There were discussions on the most important geopolitical imperatives as well as what measures are required to stabilize the global economy. Sustainable insights and strategies were presented for advancing the fight against climate change. Technology and innovation played a significant role in developing solutions to climate catastrophe while stabilizing & promoting a more equitable and inclusive society.

SIX FACTORS?TO KNOW ABOUT GLOBAL TRADE

1. Themes that were prominent at Davos 2023 included trade and a "new globalization."
2. Efforts are to promote greener & efficient trade
3. Push for a cleaner world can lead to a trade conflict between US & EU on environmental concern
4. Risks are increased by the "concentration" of about 40% of global trade.
5. Port expansions reflect current trade patterns
6. Brazil and Argentina may consider adopting a single currency to boost trade

INDIA-SOUTH KOREA?BILATERAL RELATIONS

TRADE

In the year 2022, bilateral trade between India and South Korea reached an all-time high of USD 27.8 billion thereby registering a 9 percent increase over the USD 23.7 billion figure from the year 2021. In 2022, the export value of South Korea to India stood at USD 18.9 billion, while its import stood at USD 8.9 billion from India. The recovery in economic activity and industrial?output contributed to this increase in exports and imports. Light oils and preparations/oil distillates (mostly naphtha), grains, iron, and steel make up the bulk of India's exports to South Korea. The primary goods that South Korea exports to India include iron & steel products, hot rolled iron, petroleum-refined goods, base lubricating oils, nuclear reactors, mechanical appliances, and telecommunication equipment.

FOREIGN DIRECT INVESTMENT

Between April 2000 and June 2021, South Korea invested US$4.97 billion in India, ranking as the 13th-largest source of foreign direct investment (FDI). The Korea Trade Investment Promotion Agency (KOTRA) reports that 11.3 percent of all South Korean subsidiaries founded in India are joint ventures, while 88.3 percent of them are fully owned. Hyundai Motors, LG, and Samsung are a few of the Korean companies that made the decision to establish wholly-owned subsidiaries with significant capital expenditures. This allowed them to take advantage of economies of scale and build their brand early on. Additionally, it gave them more benefits in negotiations with Indian regional governments.

GOVERNMENT

A significant alignment of interests, mutual goodwill, and high-level exchanges have helped India and the Republic of Korea (RoK) relations advance and become truly multidimensional in recent years. Following the adoption of the Comprehensive Economic Partnership Agreement (CEPA) in 2010, trade and commercial ties between India and South Korea increased. A favorable atmosphere for commercial growth has been created due to the increased cultural exchanges between South Korea and India. South Korea is a key participant in India's Act East Policy, which intends to foster economic cooperation, cultural linkages, and the development of strategic alliances with nations in the Asia-Pacific. India and South Korea’s bilateral trade is currently at USD 21 billion while the target by the year 2030 has been set to USD 50 billion.

INDIA BUSINESS DELEGATION TO AFRICA 2023

Services Export Promotion Council (SEPC), with the support of the Ministry of Commerce and Industry, the Government of India, and Crescendo Worldwide, organized India Business Delegation to Africa 2023 for Egypt, Ivory Coast, Kenya, and South Africa. As a part of the stakeholder’s outreach program, India Business Delegation to Africa 2023, organized specialized one-on-one meetings for Indian companies with potential buyers, suppliers, agents, distributors, and joint venture partners in Africa. Under the theme, MAKE INDIA YOUR PARTNER, the delegation executed 165 B2B meetings in Egypt, 152 B2B meetings in Ivory Coast, 192 B2B meetings in Kenya, and 160 B2B meetings in South Africa. Companies across the services sector of Education Services, IT & ITES, Transport & Logistics Services, Maritime,?Healthcare, Hospitals, Dental, Medical Value Travel, and Professional Services including Accounting, Finance, Legal, and Consultancy were presented with multiple networking and partnership development programs to solidify business strategies and take advantage of industrial project advancements.?

Explore Business Development Potential in Diversified Sectors Trade Mission & Delegation are used for exploring Potential global business opportunities. Governments all over the globe embrace globalization & collaborative approach to economic development. Government authorities facilitate international trade to grow potential business & economic networks. Crescendo Worldwide helps authorities send out delegations and missions to increase global trade. Our Trade Mission & Delegation organizes B2B meetings between dealers, suppliers, distributors, buyers, importers, exporters & partners. This is followed by industrial visits, purchaser meetings, Govt. tie-ups, MOUs & LoIs signing.

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