Korean soy milk is subject to only 5 percent tariffs in accordance with the Comprehensive Economic Partnership Agreement (CEPA), maintaining price competitiveness among other products. (Yonhap)
SEOUL, Oct. 17 (Korea Bizwire) – Korean food is infiltrating the Indian food market, where import restrictions are known to be notoriously strict.
Soy milk and dried laver made in South Korea are being sold in India after passing all relevant customs and authorization procedures required in the country.
Korean food was widely distributed in India until 2016, when stronger import restrictions blocked most South Korean companies from exporting to the country.
The changes included requirements such as stricter nutrition labeling and new packaging for some products.
However, ever since Korean ramen exports to India began to regain vitality last year, the range of exports is gradually expanding to include soy milk and dried laver.
“Considering that Indian soy milk is 80 percent water, Korean soy milk, which is 80 percent soy milk, is superior in terms of quality and competitiveness,” said Shin Dong-su, the head of a local import company in India.
What’s more, Korean soy milk is subject to only 5 percent tariffs in accordance with the Comprehensive Economic Partnership Agreement (CEPA), maintaining price competitiveness among other products.
Imports of Samyang Foods Co.’s spicy chicken ramen in India have risen sixfold in the last year and a half. (Yonhap)
India also imports more Korean ramen now. According to one source, imports of Samyang Foods Co.’s spicy chicken ramen in India have risen sixfold in the last year and a half.
Jin Ramen, another South Korean instant noodle brand exported to India since March of last year, became the first Korean product ever to appear on India’s home shopping channel last November.
The Korea Trade-Investment Promotion Agency (KOTRA) reported that the Indian food market is the sixth largest in the world.
“Stable economic growth and urbanization is leading India to take more interest in processed and imported food products,” said KOTRA.
H. M. Kang (hmkang@koreabizwire.com)
