SEOUL-SEARCHING IN NEW SECTORS

AMID the changing global economic systems, the India-South Korea partnership is significant for its resilience, adaptability and forward-looking strategy.

- CHANDRAJIT BANERJEE

Initially centred on trade, the relationship now embraces technology, manufacturing, innovation and robust people-to-people ties.On Monday, India and South Korea reaffirmed their commitment to a strong partnership and expressed clear intentions for further growth in ties. Bilateral trade is approaching $27 billion, which the two countries now aim to take to $50 billion by 2030. This multifaceted relationship echoes the readiness of both nations to invest in long-term, sustainable collaboration that extends beyond economic gains to touch cultural and social engagement.

A significant aspect of this partnership is the strong presence of Korean businesses in India. Korean investments have transformed sectors such as automobiles, electronics and advanced manufacturing, supporting industrial growth, job creation, supply chain improvements and technological advancement. Korean electronics brands succeeded in India not just because of good products, but because they understood local needs, invested for the long term, priced their products smartly and built strong brands. Adapting to Indian consumers and focusing on trust and service helped Korean companies act more like local companies rather than foreign sellers. At the same time, Indian companies are seeking opportunities in South Korea, particularly in IT services, pharmaceuticals and emerging technologies.