A section of the public opinion might have one believe Prime Minister Narendra Modi’s presence at the recent G7 summit in Canada brought India little gains. One, however, finds the reality in the matter is substantially positive. Observers say Modi’s visit to Canada is sure to be meaningful in resetting New Delhi’s ties with Ottawa. It will particularly help boost India’s relations with South Korea. Prime Minister Modi met new South Korean President Lee Jae-myung on the sidelines of the G7 summit. He and Lee reiterated that their nations would work together in the sectors, including commerce, investment, technology, green hydrogen, and shipbuilding.
In view of Lee’s ideological and political background, there were apprehensions in certain sections of international public opinion that his presidency would break away from the foreign policy course of his predecessor Yoon Suk Yeol and South Korea’s ties with the world’s leading democracies might nosedive However, President Lee’s foreign policy is being “pragmatic.” His pragmatism lays special emphasis on trade which accounts for 80 per cent of South Korea’s GDP.
South Korean President Lee prioritises economic interests and strategic outcomes over ideological alignment today. The order of his phone calls to world leaders in his first days in office tells a lot in this regard. His first call was to US President Donald J Trump. It was some kind of a nod to the enduring importance of the South Korea-US alliance, especially on issues of trade and security. His second phone call was to Japanese Prime Minister Ishiba Shigeru. Lee’s third call was to President Xi Jinping of China, South Korea’s largest trading partner. His fourth and fifth calls were to the leaders of the Czech Republic and Vietnam. The Czech Republic and Vietnam are of importance to him. The Czech Republic has recently awarded a 26 trillion-won nuclear power plant construction deal to a South Korean bid and edged out fierce competition from France. Vietnam is South Korea’s third-largest trading partner and the leading destination for Korean foreign investment.
The observers say there are clear indications that President Lee is unlikely to dilute his predecessor’s “Strategy for a Free, Peaceful, and Prosperous Indo-Pacific Region”( December 2022) . The 2022 strategy lays stress on developing a unique cooperation with India. President Lee would rather keep it intact.
Given the interests of India in the Indo-Pacific, Lee’s focus is in the interest of India . Keeping this in mind, New Delhi would do well to make efforts to boost its ties with Seoul . History is on India’s side. India shares with Korea centuries-old relationship. The ties between the two countries have grown stronger over the years. During the Korean War, India sent 627 medical personnel to help preserve peace on the Korean Peninsula .
Since South Korea and India established formal diplomatic relations in 1973, the two nations have moved from strength to strength. In 2009, India and South Korea signed the Comprehensive Economic Partnership Agreement (CEPA). In 2010, they elevated their Long-Term Cooperative Partnership for Peace and Prosperity to a “Strategic Partnership”. In 2015, they upgraded it further to a “Special Strategic Partnership.
In 2014, after Prime Minister Modi took over in India, New Delhi revised its India’s Look East Policy to make it an Act East Policy. The Modi policy focuses on expanding business ties with the economies of South Korea ( and other Association of Southeast Asian Nations members. Over the years, the two nations have witnessed a steady growth in bilateral trade. The sectors, such as technology, automotive, and manufacturing, have led in this realm. The area of cooperation between the two nations includes IT and Electronics, Energy, Telecom, Textiles, R&D, Pharma & Healthcare, Biotech, Tourism, Infra, Defence and Agriculture. Today India is the 9th largest trading partner of Korea. In 2023, bilateral trade was estimated at $27.8 billion.
Today around 15,000 Indian nationals live in South Korea. Many of them are engaged in advanced studies, predominantly in pure sciences. India’s electronics contract manufacturing sector in South Korea is projected to grow by over six-fold to 152 billion this year. There is tremendous scope for collaboration between the two nations. Korean companies are household names in India. They have upgraded their Comprehensive Economic Partnership Agreement (CEPA) and expanded cooperation in critical and emerging technologies (CETs) such as semiconductors, artificial intelligence, and space exploration. The two countries have deepened their ties on their cultural front too. Today K-pop, K-movies, K-dramas, K-food captivate millions in India. On the other hand, Bollywood films, cuisines, and Yoga are gaining immense traction in Korea.
