한국 중소기업과 스타트업의 인도시장 진출방안 연구 (Research for Korean Start-Ups and Small-Medium Companies to Enter India Market)

232 Pages Posted: 5 Apr 2017

See all articles by Hakbum Jung

Hakbum Jung

Independent

Bumsoo Kim

Independent

Wonhyuk Chung

Independent

Sungwon Hong

Independent

Jaeho Kang

Independent

Kisoo Jung

Independent

Mingyu Choi

Independent

Youngkeun Kim

Independent

Date Written: December 30, 2016

Abstract

Korean Abstract: 본 연구는 한국 중소기업과 스타트업의 현황 및 인도시장을 분석하여 한국 중소기업과 스타트업 기업의 인도시장 진출을 위한 전략방안 및 정책 수립에 필요한 기본 자료를 제공할 목적으로 실시되었다. 인도의 경제정책, 무역현황, 판매 채널 현황을 조사하여 한국 중소기업과 스타트업 기업의 생태계 환경 분석 및 현지 조사를 실시하였다. 인도는 2014년 모디 정부가 들어서면서 고도성장에 대한 초석을 마련하였는데, 향후 양국간 교역 범위가 더욱 확대될 것으로 예상된다. 이에 따라 본 연구는 인도 현지 연구와 설문조사를 통하여 한국기업의 인도시장 진출을 위한 성공 모형을 도출하였다. 분석 결과는 인도 진출에 대한 장기적 접근이 필요하며, 현지 유통 파트너를 확보하여 인도 맞춤형 현지화 전략이 필요하다는 시사점을 주고 있다. 본 연구는 최초로 한국 중소기업과 스타트업의 인도시장 진출방안을 연구하였다는 데 그 의의가 있으며, 한국과 인도 간 실제적인 경제적 교류 활성화를 위한 기본 정책자료와 향후 정책 수립을 위한 정보를 제공하고 있다.

English Abstract: India has received the spotlight from the world as 'Next China', because of 2nd largest population in the world and many various policies from the government to support India's development. India has had an average of 8.35% economic growth rate since 2005.

As new government established by prime minister of India 'Narendra Modi' in 2014, there has been many changes in India. Modi has tried to make India as world manufacturing base, urbanize and modernize Indian cities. Modi government has also made programmes to educate Indians for start-ups and small-medium companies and support them with government organizations. For foreign policy in India is mitigating regulations and laws on FDI(Foreign Direct Investment) and reinforcing economic cooperations with many other countries.

Korea has established diplomatic relations with India since 1973. In effect, relationship between Korea and India started from Korean War. India had detached their medical force, they also were presidency for 'Neutral repatriation committee' after Korean War. After establishing diplomatic relations, the two countries have shown their efforts to reinforce their relationship by culture, politics and economy. Especially on economy, two countries have signed for CEPA (Comprehensive Economic Partnership Agreement) to enhance total amount of trade between two countries has grown rapidly. Total amount of trade was about 2.3 billion dollars on 2000 but in 2015 it has increased to 16.3 billion dollars by 600%, which means many Korean companies are trying to enter to India market. Nonetheless only major companies and very few small-medium companies have settled down at India market. According to statistics of export, trading rate of small-medium companies in India has possession of 17.8% of total export rate in India in 2015. Statistics of newly founded Korean small-medium companies in India from 2012 to 2015, most companies were based on manufacturing which was about 47.7% and rest of other fields were very small amount. For start-ups and small-medium companies, India was very unfamiliar country to enter. However many companies are still trying to enter to India market.

This paper introduces a survey which was revised from 500 people from Kolkata and Chennai, cases about Korean companies in India and some interviews from local company and Korean start-ups in India. The reasons to choose Kolkata and Chennai were; Kolkata is most fast growing city in India and also market is being modernized very fast. Chennai already has Korean companies so that start-ups and small-medium companies would be easier to access. As a result of the survey, India people tend to prefer price, brand and performance of the product rather than country of origin. And they tend to use small shops the most.

7 cases are about major companies and start-ups/small-medium companies from Korea. Some companies successfully entered India market by 'localization', 'gaining trust from their clients' and 'understanding of India market'. But some companies were still struggling because of lack of brand awareness or portfolio strategy.

Chapter 5 introduces about business strategy for start-ups and small-medium companies which wants to enter to India market. First, approach India market as long-term perspective. India is very conservative market so it is important to build up trust from Indian customers and companies. Second, it is important to network with local distribution companies. Because India has large territory but transportation system is not modernized, it is needed to use of local distribution channel to spread companies products. Third, localization is very important. India has various culture and their own special consumer behavior. By localizing marketing and products they will be easier to approach to Indian customers.

Not only efforts from companies, but also efforts from Korean government are needed. Korean government should establish research organizations for getting the newest and crucial information about India. By doing so, start-ups and small-medium companies solve the financial issues for searching information about India. Also, Korean government should organize 2 types of 'task force' for entering India. One should be established in Korea to support start-ups and small-medium companies from the beginning of export and the other should be set-up in India to network Korean companies and local companies.

Note: Downloadable document is available in Korean.

Suggested Citation

Jung, Hakbum and Kim, Bumsoo and Chung, Wonhyuk and Hong, Sungwon and Kang, Jaeho and Jung, Kisoo and Choi, Mingyu and Kim, Youngkeun, 한국 중소기업과 스타트업의 인도시장 진출방안 연구 (Research for Korean Start-Ups and Small-Medium Companies to Enter India Market) (December 30, 2016). KIEP Research Paper, Studies in Comprehensive Regional Strategies 16-02 . Available at SSRN: https://ssrn.com/abstract=2945837 or http://dx.doi.org/10.2139/ssrn.2945837

Hakbum Jung (Contact Author)

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Bumsoo Kim

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Wonhyuk Chung

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Sungwon Hong

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Jaeho Kang

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Kisoo Jung

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Mingyu Choi

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Youngkeun Kim

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