Dinesh Kamath's Editorial 'India-South Korea Relations' that was published in Newsband

India-South Korea Relations

South Korean President Moon Jae-in had visited India. There was discussion over the Korean peninsula and improving of bilateral ties. The South Korean President was very much concerned about bilateral ties with the four major powers: the U.S., Russia, China and Japan. Prime Minister Narendra Modi considers South Korea as a significant partner for India.

But India’s Act East policy does not seem to agree with Korea’s New Southern Policy. India and South Korea are Asia’s third and fourth largest economies. Korean companies cite problems in doing business in India.  Tourism between the two countries has always been low, Both have tensions in their immediate neighbourhoods.

However, the inauguration of Samsung’s biggest mobile factory in Noida will bring investment and create jobs in India. More Korean companies should be persuaded to invest.

India is helping in the Korean peace process while South Korea has for the first time shown an interest in talking about an Indo-Pacific policy. U.S. foreign policy is unpredictable, and China is trying for global domination. Under such circumstances, a good South Korea-India partnership can lead to stability in the region.

Bilateral India-South Korea ties on lines with CEPA, helps India to increase capital investment which in turn increases employment opportunities. India's ever growing 'cell phone market' will get a boost. India has to take bold and positive step towards ties with Koreas and also with US in spite of latter’s disapproval about a strong India-Korea ties.

We must encash on the visit of Moon by increasing the bilateral ties with South Korea both on business and investment spheres.South Korean investment with augmented ease of doing business will bring more job opportunities and to enjoy the Korean touch, Samsung being an example is catering the Indian market in mobile phones.

The two way trade of $ 20 billion consists of $ 2 billion of exports from India, $ 18 billion of imports. India needs to raise its economic game. Whether with ASEAN or countries further to the east, the gulf between India and China in the economic sphere needs to narrow.