In countries like Taiwan, South Korea and China, where Indian products do not enjoy enough brand equity, the Central government's "Make in India" initiative needs to be tweaked to "Design in India" to make inroads, so believes J Crasta, founder of Bangalore-based CM Envirosystems (CME).
J Crasta says that it makes better business sense to supply raw materials and designs for products and manufacture them in South Korea to sell them in the above-referred countries.
"There is not enough brand equity for Indian products in countries such as Taiwan, South Korea and China. So instead of focusing on 'Make in India', we have decided to sell raw material and our designs to our South Korean partner, who in turn will manufacture the products and sell it under the label 'Made in Korea'," Crasta told IBTimes India.
CME, which manufactures environmental test systems, announced its South Korea foray on Thursday on the sidelines of the ongoing Automotive Testing Expo Korea 2016 and has tied up with Korean firm Naeng Yeol Co Ltd.
Speaking at the function, head of CME's global business operations Praveen Crasta said, "South Korea is one of the major hubs of R&D and over the years it has become one of the major driver for the country's industrial growth. Today, South Korea has become the face of technology and we are here to be a part of it."
"CME's products bring unique benefits to the table. They offer a high degree of customisation in their environmental test chambers and that's one of the biggest demand from most of our customers," said Cho, managing director, Naeng Yeol Co.
J Crasta said the company hopes to add about Rs 10 crore to its current annual topline of Rs 45 crore.