India should partner more closely with South Korea and Switzerland, according to recent analyses. South Korea, an advanced manufacturing and export hub, has achieved significant economic development with a GDP of $1.7 trillion and per capita income of $32,500. The country's manufacturing and export strategy has focused on higher value-added products and participation in regional trade pacts. India could explore exporting skilled and semi-skilled manpower to South Korea, particularly in industries such as healthcare, oil, and biomedicine. To enhance the partnership, India should address business challenges, improve physical infrastructure, and develop a closer relationship with South Korea [b998051b].
Switzerland sees South Korea as a valuable partner in trade and technological exchange. There are opportunities for collaboration in high-tech industries, biotechnology, and quantum technology. Switzerland exports high-quality goods to South Korea, including pharmaceuticals, chemicals, machinery, and luxury watches. South Korea has a high demand for Swiss watches due to their precision, craftsmanship, and quality. Switzerland excels in the life sciences and biotech sectors due to its strong network of research institutions, favorable regulatory environment, skilled workforce, and collaborative ecosystem. Switzerland is also a leader in hydrogen production and actively supports innovation in hydrogen technology. Hyundai Motor has partnered with a Swiss company to create Hyundai Hydrogen Mobility, which aims to improve the efficiency and cost-effectiveness of hydrogen technology. South Korean companies can expect support from the Swiss government in terms of a stable business environment, tax benefits, support for research and development, and collaboration opportunities in the hydrogen industry. Prominent industries in Switzerland include biotechnology and pharmaceuticals, hydrogen and renewable energy, advanced manufacturing, and digital and ICT industries. Switzerland provides a compelling business environment with stable economic and political conditions, a high quality of life, leadership in innovation and research, a highly skilled workforce, a strategic central location in Europe, developed infrastructure, liberal labor laws, competitive tax rates, and robust intellectual property protections [6e1f3b93].