Overview of the Knowledge Sharing Program (KSP)
The knowledge sharing programme or KSP logo is a vibrant combination of blue, green, and violet where each colour denotes a specific value - blue stands for honesty, trust, and knowledge; green for stability, balance, and harmony; and violet for the essence of cold and warm as well as transformation. Launched in 2004 by the Ministry of Strategy and Finance (MoSF) of the Republic of Korea, the Knowledge Sharing Program is a knowledge-intensive development cooperation program. It aims to share Korea’s development know-how whilst assisting the partner countries and working towards reducing the knowledge divide. Drawing from its own experience of learning from advanced countries, Korea recognises ‘knowledge sharing’ as an effective and innovative tool for economic development which is why over 50 countries have participated in this program thus far.
Invest India’s Nomination/Involvement
KSP Demand Survey is conducted by the MoSF, Government of South Korea. Invest India, India’s National Investment Promotion and Facilitation Agency, had applied for participation in the KSP program through the Embassy of Korea in India and proposed the Project - ‘Promoting India as an Attractive Investment Destination’ with a focus on learning the best practices followed by Korea to promote a country as a potential investment destination. India became a part of this program in 2017. Subsequently, in 2018, Invest India took part in the second edition of India–KSP sessions.
Invest India’s Learning (2017)
Lessons from KSP 2017 included:
- Directions for promoting FDI in India
- Benchmarking major Investment Promotion Agencies (IPAs) worldwide
- Lessons from Invest Korea
The macro lessons covered the fundamental factors required for improving the business environment for attracting manufacturing related FDI in India. IPA benchmarking uncovered several insights related to sources and utilization of funds, processes, KPIs, achievements etc. that were vital learnings for Invest India. Some of the recommendations in the first edition of KSP about developing organisational capabilities, establishing collaborative links between central & local organizations and strengthening physical infrastructure to support foreign investing firms were well received by Invest India.
Invest India’s Learning (2018)
The five-day program involved participation in a series of lectures highlighting the role of Korea Trade-Investment Promotion Agency (KOTRA) and Invest Korea in trade promotion, facilitation and investor aftercare. There were discussions on several case studies and success stories, introduction to the Foreign Investment Ombudsman System, business cooperation between Korea and India, and various industrial field visits.
Invest India received valuable insights on the growth story of Korea’s infrastructure industry through case studies. Various aspects, such as competitiveness in the export market, manufacturing innovation and FDI promotion strategies, were discussed at length. Detailed sessions on overseas remittances, tax incentives and other incentives also enhanced Invest India’s understanding of Korea’s investment environment. Following a special request by Invest India, KOTRA held a special session on the ‘Key Performance Indicators of Korea’s IPA- Invest Korea’.
Conclusion
The KSP has been a key initiative to promote cooperation between Invest India and KOTRA and to discuss the best practices followed by them for investment promotion and facilitation. Invest India shall imbibe the key learnings from this program and emulate the best practices to remain the world’s leading IPA.
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