Andhra Pradesh strengthens trade links with South Korea via new MoU

The Andhra Pradesh Chambers of Commerce and Industry Federation has signed a Memorandum of Understanding with South Korea's Chungcheongnam-do Province to strengthen trade and industrial cooperation.

The AP Chambers on Thursday signed an MoU with CEPA India, representing Chungcheongnam-do Province of South Korea, to strengthen trade and industrial cooperation between the state and the East Asian country.

Andhra Pradesh Chambers of Commerce and Industry Federation president P Bhaskar Rao said both sides explored opportunities to enhance bilateral trade and industrial collaboration in sectors such as food processing, aquaculture, electronics, manufacturing, and allied industries.

''AP Chambers signed a Memorandum of Understanding with CEPA India, representing Chungcheongnam-do Province of South Korea, at the AP Chambers office in Vijayawada today to strengthen trade and industrial cooperation between Andhra Pradesh and South Korea,'' Rao said in a press release.

During the discussions, both entities agreed to facilitate B2B meetings, trade delegations, and business interactions between SMEs and industries from Andhra Pradesh and Chungcheongnam-do Province.

They also agreed to encourage and facilitate delegation visits from South Korea to Andhra Pradesh and vice versa to strengthen business partnerships and explore investment opportunities.

Rao highlighted Andhra Pradesh's strong investment climate and industrial potential, stating that the partnership would open new avenues for trade expansion, investment, technology exchange, and joint ventures, benefiting both regions.

Meanwhile, Comprehensive Economic Partnership Agreement officials assured support in organising further meetings and coordinating delegation visits to strengthen long-term economic cooperation and business partnerships between the two regions, the press release added.