A team from the Korea Trade-Investment Promotion Agency (KOTRA), a government-backed institution committed to advancing South Korean trade and investments initiatives, visited Nagaland to explore opportunities for trade, investments and other forms of collaborations in the region. The visit was facilitated by FICCI in partnership with the Investment and Development Authority of Nagaland (IDAN).
According to IDAN, Director General, KOTRA (Kolkata Office), Byungguk Park, met with advisor to chief minister and chairman IDAN, Abu Metha and deliberated on the opportunities that can be explored in Nagaland. The chairman, IDAN also extended an invitation to a delegation from KOTRA to the Hornbill Festival 2023.
In addition, the KOTRA team convened a meeting with representatives from 16 State government departments at the office of the Development Commissioner of Nagaland. During this gathering, the Development Commissioner encouraged officials from various departments to pinpoint key sectors with investment potential and trade opportunities. He urged them to create comprehensive concept notes outlining these sectors and their specific requirements, with the intention of presenting these proposals to KOTRA.
The release informed that the ultimate goal is to move beyond preliminary discussions and progress towards the signing of a Memorandum of Understanding (MoU). To facilitate this process, the Investment and Development Authority of Nagaland, the state’s investment promotion agency, will play a pivotal role in ensuring effective coordination and addressing any potential communication challenges that may arise.
The KOTRA team also met with various business and other stakeholders to explore avenues related to cultural exchange, performing arts, and business expansion opportunities.
This collaborative initiative involving KOTRA, IDAN, and various State Government departments represents a significant stride towards advancing economic development, fortifying trade and bi-lateral relations between Nagaland and South Korea.