Is India set to become the new beauty destination for global brands?
The Indian beauty market is estimated to reach $2.27 billion by 2028, with a CAGR of 10.91% during the forecast period (2023-2028).
South Korea on Wednesday strongly pitched for intensifying defence cooperation with India as the two countries resolved to raise the quantum of their bilateral trade to $50 billion by 2030.
‘’Defence industry cooperation is an exemplary win-win field for our two countries,’’ South Korean Foreign Minister Kang Kyung-Wha said at a joint press conference with External Affairs Minister Sushma Swaraj after the two leaders co-chaired the 9th meeting of the India-Korea joint commission.
She said she had discussed with Swaraj ways in which the Korean defence industry could participate in India’s defence industry corridor. Apart from this, the two countries were also considering enhancing high-level exchanges, including at the level of Parliament and police forces. The Korean minister said the two countries had also agreed to simplify visa procedures for nationals of each other’s country.
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Swaraj, on her part, appreciated the efforts being made by South Korean President Moon Jae-in for denuclearisation of the Korean peninsula. The South Korean minister is believed to have briefed Swaraj on the ongoing negotiations between her country and North Korea for establishing permanent peace in the region.
The Indian minister said both India and Korea shared the view that terrorism in all its forms and manifestations was a global scourge and resolved to jointly combat it.
On the trade front, the two countries agreed to speed up negotiations to upgrade the bilateral Comprehensive Economic Partnership Agreement (CEPA).
‘’We have agreed to take steps to increase the volume of bilateral trade to US Dollars 50 billion by the year 2030,’’ the two ministers said. The two sides also reviewed the progress of their special strategic partnership. They reviewed the follow-up actions on decisions taken during the South Korean President’s visit to India in July.
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