SEOUL, February 20 (AJP) -A deeper economic cooperation with India has become more important than ever for South Korea as the global trade environment undergoes rapid change, Seoul's Trade Minister Yeo Han-koo said Thursday.
Speaking at the Korea-India Economic Cooperation Conference at Lotte Hotel Seoul, Yeo described India as “a central country” in South Korea’s New Southern Policy and “a leader of the Global South.”
He said there is significant room for growth in bilateral trade, noting that South Korea’s annual trade with 11 ASEAN countries — whose combined gross domestic product is similar to India’s — totals about $200 billion, while Korea-India trade currently stands at around $25 billion.
The event, held under the theme “The Future of Korea-India Economic Cooperation for Shared Prosperity,” focused on future directions for bilateral cooperation. India, the world’s most populous country, is drawing attention as a next-generation manufacturing base and supply-chain hub, backed by a large domestic market and annual economic growth of 6 to 7 percent.
The congress drew around 200 figues, including Indian Ambassador to South Korea Gourangalal Das and Rajat Kumar Saini, CEO of the National Industrial Corridor Development Corporation, along with government officials and representatives from companies and institutions from the two countries.
The Indian envoy in an interview with AJP last month said New Delhi was in talks with Seoul to arrange a state visit by South Korean President Lee Jae Myung to elevate strategic partnership between the two countries to encompass new-growth area.
In a presentation session, the Korea Institute for International Economic Policy said India is sustaining rapid growth based on its young and abundant population, financial stability and active industrial strategy. The institute called for stronger cooperation in advanced industries and supply chains to deepen bilateral ties.
South Korean companies operating in India in areas such as advanced manufacturing, consumer goods and content shared their local experiences and business results. Indian government officials outlined the country’s investment environment, incentives and policies to promote shipbuilding and marine industries, pointing to new opportunities for cooperation.
A panel discussion involving participants from the Korea Trade-Investment Promotion Agency, the Korea Institute for Advancement of Technology and the POSCO Research Institute also explored ways to maximize synergies through strategic cooperation among government, industry and research.
Panelists said South Korea and India should work together in areas where their strengths are complementary, including artificial intelligence, advanced manufacturing, and space and aviation.
Yeo said Seoul will expand partnerships with India in AI, digital technology, supply chains, green energy and manufacturing to meet the demands of a new trade era.
He added that South Korea will work closely with New Delhi to swiftly conclude key pending issues, including negotiations to upgrade the Korea-India Comprehensive Economic Partnership Agreement, to create the best possible environment for cooperation.
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