As we commemorate the 78th Independence Day of India, I extend my heartfelt greetings to all fellow citizens, the vibrant Indian diaspora in South Korea, and our esteemed Korean friends.
This day is also significant for Korea, marking its 80th Liberation Day, and I wish the people and government of Korea continued success, good health, and prosperity. There is much admiration among the Indian people about the ‘Miracle on the Han River’ symbolizing South Korea’s significant successes in advanced manufacturing and technology, and increasing following of the Hallyu now.
Today, we reflect on the immense sacrifices made by our freedom fighters in their quest for independence, as well as the contributions of countless Indians throughout our national journey over the past seven decades. While we celebrate our achievements, we remain steadfast in our commitment to realizing the full potential of our people and our country.
India recently held its general elections - the largest democratic exercise in the world - conducted in multiple phases due to our unique challenges of size, population, and logistics. The re-election of Prime Minister Modi for a third term signals a broad continuity in our pro-development initiatives and economic policies.
Today, the Indian economy stands at nearly $4 trillion, making it the world’s fifth-largest economy, with projections to become the third largest within five years. Our remarkable growth rate of 8.2% in the last financial year has garnered global attention. Amidst a challenging global economic landscape, India shines as a beacon of hope. We are undergoing unprecedented change, focusing relentlessly on expanding infrastructure, enhancing our manufacturing sector, leveraging technology for improved productivity, and deploying greener energy solutions. I invite everyone to visit India and experience its vibrant energy firsthand.
The exponential growth of our startup ecosystem epitomizes this transformation. From a few hundred startups in 2016, we now boast over 115,000 startups, including 113 unicorns. Our achievements in mainstreaming digital payments and the historic landing last year of a probe on the Lunar South Pole have been particularly notable. Our significant improvement in ‘ease of doing business’ rankings and FDI inflows of $667 billion over the past decade too attest to this rapid evolution.
The friendly ties between India and Korea are deeply rooted in ancient connections, exemplified by the celebrated wedding of King Kim Suro and Queen Suriratna, an Indian princess from Ayodhya and the shared heritage of Buddhism. India’s significant humanitarian contributions during the Korean War further strengthen our bond. In recent years, our bilateral relations have expanded significantly, marked by the conclusion of the Comprehensive Economic Partnership Agreement in 2010, and the elevation of our relationship to a Special Strategic Partnership in 2015.
Amidst the significant global shifts in geo-politics, and emerging technologies, India and the Republic of Korea, two democracies and leading economies, with shared values, are poised for greater engagement. The imperatives of ensuring diversified trusted and reliable supply chains, addressing export of overcapacities, maintaining economic and technology security are well recognized today.
As we celebrated the 50th anniversary of our diplomatic relations in 2023, Prime Minister Narendra Modi and President Yoon Suk Yeol met twice last year, including at the G20 Summit in New Delhi, directing us to further expand and deepen our partnership. In March this year, our foreign ministers co-chaired the Joint Commission Meeting, comprehensively reviewing emerging opportunities for collaboration. Governors of Gyeonggi and Gyeongsangbuk provinces have visited India, and the Chief Minister of Telangana visited Korea. Several high-level visits, senior officials, and institutional dialogue meetings have further solidified our ties.
Today, we are deepening consultations on political, security, and defense issues; boosting economic and commercial linkages, expanding trade and investments; discussing cooperation in critical and emerging technologies, energy, infrastructure and digital transformation; exploring university linkages, innovation and startups cooperation; as well as enhancing P2P connectivity through media, tourism and cultural exchanges. We envision a hectic bilateral calendar ahead.
Together, we are also addressing regional and global challenges, including promoting peace and stability in the Indo-Pacific, where we see convergences in our respective approaches. Both nations advocate the rule of law, peaceful resolution of disputes, and the preservation of the global commons. India, within the QUAD framework and through its Indo-Pacific Oceans Initiative and Coalition for Disaster Resilient Infrastructure, is deepening regional cooperation.
We are advancing our shared understanding on several challenges such as maritime security, cybersecurity, implications of digital technologies including AI, at various multilateral forums. We also initiated a trilateral technology dialogue with the United States in March. Addressing issues like the development deficit, climate change, and the digital divide presents new avenues for collaboration. Through initiatives like the International Solar Alliance, Korea’s GGGI, and Carbon Free Alliance, we are making joint efforts to tackle the critical challenge of climate change.
Our bilateral trade is around $25 billion, far below potential. Korean investments constitute less than 1% of total FDI inflows in India. The two sides are in discussion about expanding trade and investments. Strengthening our manufacturing base and positioning India as a key player in global supply chains remains a top priority. The government has rolled out Production-linked Incentive schemes worth $50 billion across 14 manufacturing sectors. Korea’s strengths and capabilities, coupled with India’s rapidly growing economy, I believe, offer significant opportunities for collaboration in advanced manufacturing, energy, construction, logistics, and infrastructure. Around 600 Korean companies, including leading conglomerates, are present in India. More Korean companies, including those from the MSME sector, should explore the Indian market.
Green Hydrogen, EVs, secondary batteries, shipbuilding, electronics, semiconductors, AI, digital technologies and human resource mobility are just a few potential avenues of specific cooperation. Opening of Korean sovereign wealth fund KIC’s office in India and the expanding presence of leading Korean banks and funds underscores the growing confidence in the Indian economy. Korean businesses will find India a welcoming place to do business in.
The 15,000-strong Indian community in Korea and approximately 12,000 Koreans residing in India serve as vital bridges between our two nations. I firmly believe that these numbers will continue to grow in the coming years.
As we look forward to charting new areas of cooperation and building a future-oriented partnership, let us commit to the spirit of “Indo-wa Hanguk, gachi gabshida; Songgong-eul hyanghe hamkke gabshida (India and Korea, let’s go together)!” Standing together, we will succeed! I am confident that this will be an immensely promising and exciting journey.
☞ Who is Amit Kumar?
Ambassador Amit Kumar, a career diplomat who joined the Indian Foreign Service in 1995, has extensive experience across various political, strategic, and economic spheres. He has served in key roles both at the Indian Ministry of External Affairs and in several Indian Missions abroad. Before his current position as Ambassador of India to South Korea, he was the Consul General of India in Chicago and previously held senior positions such as Deputy Chief of Mission in Washington, DC, and Tokyo. He has also served in Beijing, Berlin, Ankara, and at the Permanent Mission of India to the UN in New York. Ambassador Kumar holds a Bachelor’s degree in Mechanical Engineering from IIT Kanpur.
