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With an aim to explore Korean markets in North East Asia, the Pharmaceutical Export Promotion Council of India (Pharmexcil) is planning to organise an India Pavilion at Korea Pharm to be held at Kingtex in Goyang of South Korea from April 26-29.
As India has already had a remarkable growth in the generics and captured almost all the western and European markets, now the country’s strategy is to venture into unexplored Asian markets like Korea, Japan, China and other South East Asian and central Asian countries. As part of this initiative, the Pharmexcil is leaving no stone unturned to make its pharma and biotechnology capabilities visible and improve its export markets across the globe. “We are taking part in Korea Pharm and planning to have an India Pavilion, where the Indian pharma, biotechnology and Ayurvedic exporters can showcase their products and services and improve the business network,” said Dr. P.V.Appaji, director general of Pharmexcil.
In fact, Korea is one of the top 10 trading countries in the world with diversified manufacturing sectors and a member of OECD countries. Korea-India bilateral trade economic relation has been growing faster than other regions. Korea and India have signed CEPA (Comprehensive Economic Partnership Agreement) in 2009 for duty free access to each other's markets. There is good scope for improving bilateral trade between India and South Korea, particularly for APIs.
The government of Korea has announced capital and institutional support to boost pharmaceutical manufacturing in Korea and thereby making Korea as one of the top 7 global pharmaceutical producing countries by 2020.
“Korea Pharm is an exhibition focused on APIs, chemicals, laboratory and packaging materials. This is the only exhibition supported KFDA and Korea Pharmaceutical Industry (KPMA).We hope that the members of the industry will take advantage of this initiative and improve the business relations with the Korean industry. This is the 3rd time that we are participating in the event,” informed the DG.
Korea Pharm 2016 is supported by MFDS (Ministry of Food and Drug Safety) and organised by KPMA (Korea Pharmaceutical Manufacturers Association) and Kyungyon Exhibition Corporation. In fact this is the most important industrial event of pharmaceutical field in South Korea.
“Indian pharma firms can benefit by meeting leading companies and their representatives in person. We can say this event offers the best opportunity to discover the Asia markets,” Appaji said.
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