The Korea-India Economic Partnership Forum on Thursday highlighted collaboration between India and Korea in the Indo-Pacific region as a win-win in strategic goals and regional stability.
Panelists cited the Indo-Pacific region as a place of both competition and cooperation, proposing collaboration in defense, the digital realm, green industries and maritime projects like Sagar Mala. The discussions highlighted India's strategic autonomy in balancing ties with the US and Russia and the role of multilateral forums like the Quad — Australia, India, Japan and the US — and BRICS, which currently includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.
"The liberal international order is eroding, with increasing dissatisfaction from both revisionist states and traditional powers like the US," said Cho Won-deuk, a professor of Indo-Pacific security at the Korea National Diplomatic Academy, underlining the challenges and opportunities shaping the next decade in the region.
He underscored India’s growing role as a strategic and economic player, advocating for deeper Korea-India collaboration in advanced technologies, defense, digital innovation and green industries.
Both nations are strengthening cooperation in AI, clean energy and semiconductors, with South Korea recognizing the Indo-Pacific region’s importance in global gross domestic product and India viewing Korea as a key partner in its "Act East" strategy.
"The Indo-Pacific is both a region of rivalry and cooperation," said Kim Kyung-hoon, head of India and South Asia at KIEP, highlighting the complexities of multilateral engagements in the region.
"It’s a hub for many forums, from the Quad to BRICS, and both India and Korea are central to shaping its future."
South Korea aims to strengthen its strategic partnership with India through an upgraded Comprehensive Economic Partnership Agreement and high-level exchanges, while also boosting ties with South Asian countries like Pakistan, Bangladesh and Sri Lanka through trade and development. It is also engaged in regional initiatives like Indian Ocean Rim Association and South Asian Association for Regional Cooperation.
But the region faces numerous challenges, including piracy, illegal fishing and climate change, according to experts.
R.S. Vasan, former commander of the Indian Coast Guard's eastern region, said that South Korea’s expertise in shipbuilding and port development presents a strong opportunity for deeper collaboration with India.
Ji Yeon-jung from the Korea Naval Academy highlighted India’s strategic autonomy and diplomatic role in balancing its relations with both Russia and the US, responding to a question on shifting dynamics in Russia-India relations.
"India’s balanced engagement in global conflicts, including its mediation efforts in Ukraine and Israel-Gaza, strengthens its role as a global player," Ji noted.
"Our partnership is vital for mutual growth and prosperity," said Indian Ambassador to Korea Amit Kumar, citing India-South Korea strategic cooperation as substantial for regional and global issues in the Indo-Pacific.
"We need to continue holding consultations with greater regularity," Kumar said, advocating negotiations in India and Korea's free trade deal signed in 2009, to elevate bilateral trade and services.
"Korea and India are recalibrating their policies to navigate the growing uncertainty around the world," said Lee Si-wook, president of KIEP, echoing Kumar.
"The complementary strengths of our nations, when strategically combined, can significantly contribute to regional stability and prosperity," said Lee.
Lee emphasized India's key role in tech, calling it Korean firms' "second home," with Hyundai’s largest plant and Samsung’s top R&D hub.
Responding to The Korea Herald's query on why Japanese investments in Asia surpass Korean investments, Invest India Vice President Naveenta Gautam cited Japan’s commitment to investing 5 trillion yen ($33.2 billion) in India over five years.
"I think that is primarily the reason why there is more investment from Japan," she said, noting that Korean companies take time to build trust before making substantial investments.
Kim Kyung-hoon of KIEP also acknowledged Korea's late start compared to Japan, but expressed optimism about future investments in India.
"But I think we will definitely catch up soon," he said.
Song Kyung-jin from the Asia Society also hoped for more engagement in Indo-Korean ties in the Indo-Pacific region to address ongoing competition and economic fragmentation.
sanjaykumar@heraldcorp.com
