Indian Ambassador to Korea Amit Kumar, right, poses with Korea Institute for International Economic Policy President Lee Si-wook during the Korea-India Economic Partnership Forum in Seoul, Thursday. Korea Times photo by Kim Hyun-bin

Indian Ambassador to Korea Amit Kumar underscored the deepening economic and strategic ties between Korea and India at the Korea-India Economic Partnership Forum held in Seoul, Thursday, emphasizing the need for greater collaboration in trade, technology and regional security.

He noted that the global economy has faced multiple stresses over the past few years, highlighting over-concentrated manufacturing, excessive state subsidies and the fragility of supply chains exposed by the COVID-19 pandemic.

"The Ukraine conflict led to additional concerns, particularly with regard to food, fuel and fertilizers, the cascading effect of which eventually spread across all sectors and geographies," he said. He also pointed to disruptions in maritime shipping resulting from Middle East tensions, which have affected Asia-Europe trade routes.

"The special strategic partnership between India and the Republic of Korea, established a decade ago, assumes greater salience bilaterally as well as in addressing regional and global challenges, including in the Indo-Pacific," he said.

Trade between India and Korea has reached $25 billion, although Kumar noted an $11 billion trade deficit that is a cause for concern for India.

"At the same time, there is so much more that we can do together. For one, we need to hold consultations under different mechanisms with greater regularity," he said. Additionally, he highlighted the success of Korean K9 howitzers in India, stating that "the second order of a hundred such units will help catalyze further defense collaborations."

Indian Ambassador to Korea Amit Kumar gives a welcome speech during the Korea-India Economic Partnership Forum in Seoul, Thursday. Korea Times photo by Kim Hyun-bin

Kumar also emphasized space cooperation, noting that "ISRO and KASA are close to finalizing their program of cooperation." He urged for an early conclusion of the Special Industrial Promotion Agreement negotiations to ensure "a fair and mutually beneficial trade of goods and services."

Discussing India's economic landscape, Kumar highlighted recent policy reforms that have made India a more attractive investment destination.

"India today, with its rapid economic growth trajectory, offers multiple opportunities to Korean companies in manufacturing, green energy, infrastructure and logistics," he said.

Several recent developments indicate growing Korean interest in India, including the opening of an office by Korea Investment Corp., Hyundai Motor Group's first-ever listing outside Korea, and LG Electronics preparing for an IPO. "The POSCO-JSW joint venture to build a 5 million metric-ton integrated steel plant in India is another example," he added.

"There are substantive discussions underway to explore collaboration in shipbuilding, green hydrogen, EV batteries and charging infrastructure, electronics and textiles. Areas such as AI, data centers, semiconductors and small modular reactors (SMRs) would be other important areas for collaboration."

Highlighting India's young workforce, Kumar suggested that India's human resources could help mitigate Korea's demographic challenges.

Concluding his speech, Kumar reaffirmed the critical nature of the India-Korea partnership.

"India and the Republic of Korea together can better withstand global headwinds. Our partnership is crucial for development, mutual growth and prosperity and can positively contribute to addressing challenges in the Indo-Pacific region," he said.

The forum hosted by the Embassy of India in Seoul and the Korea Institute for International Economic Policy (KIEP) gathered experts, policymakers and business leaders convened to discuss strategies for strengthening economic cooperation between India and Korea. The forum was divided into three key sessions, each addressing crucial aspects of Korea-India relations.

The first session, "Strategic Importance of India-Korea Relations in the Indo-Pacific," analyzed the evolving dynamics of the Indo-Pacific, marked by strategic competition, economic fragmentation and the rising role of mini-lateral partnerships. Experts discussed how geopolitical shifts over the past decade have influenced diplomatic ties and emphasized the strategic significance of India-Korea cooperation in addressing regional challenges.

The second session, "Achievements and Challenges in India-Korea Economic Relations," examined the development of India-Korea economic relations over the past decade. Presenters highlighted key trends and provided case studies of Korean companies successfully expanding their operations in India.

The final session, "Future Directions in India-Korea Cooperation," focused on identifying high-potential industries for enhanced collaboration. Reflecting on official announcements from both governments, experts explored targeted areas within key sectors, including renewable energy, semiconductor technology, digital innovation and infrastructure development.