It is a great pleasure to speak to you today about India’s partnership with Republic of Korea, one that is acquiring a greater salience in a more uncertain and volatile world. Our ties have been described as a Special Strategic Partnership since 2015. This is not just a phrase but an assessment to which we have tried to live up to since then. In different domains, cooperation has expanded and benefits are visible. Yet, this is also a time to introspect and strategize how we could be doing more by doing differently.
2. The frequency and intensity of contacts is one way of judging any relationship. In recent years, Prime Minister Narendra Modi and President Yoon have met twice, as I did with my previous counterpart. Many of you would be aware that PM Modi has in fact been to the Republic of Korea himself twice,once in 2015 and once 2019. Trade is another metric of judgement and this today between us is roughly around the USD 25 billion plus-minus level. Companies of both countries have made significant investments in the other. We note that your Economic Cooperation and Development Fund has committed to two infrastructure projects in India. The sovereign wealth fund KIC has also opened an office in our country. Our defence cooperation recorded a success in the joint efforts of Hanwha and L&T. And we each have a community in the other country, about 15,000 in our case and somewhat less in yours. This succinct summary of our current state of ties is certainly useful information. But more important, it indicates how much potential still lies ahead for us to realize.
3. A full picture of our ties also requires an understanding of its political dimensions. We are both democracies, market economies and believers in the rule of law. Our modern history holds some parallels and both of us have paid the price of events beyond our control. In recent years, challenges like terrorism and WMD proliferation have impacted our national security. We have learnt to be sensitive to changing currents of the global order. While our solutions may be suited to our particular national circumstances, working together has always been to our common advantage.
4. The reasons to do so are obviously the mutual gains in that regard. But such aspirations, while having a value in themselves, are even more important when set against the contemporary context. In essence, my case is that India-RoK partnership is significant but even more so when we look at its impact on the Indo-Pacific. Why is that?
5. Let us start by examining the landscape. The Indo-Pacific emerged as a consequence of geo-political shifts in the last few decades. Till then, American strategic dominance kept the Pacific separated from the Indian Ocean as a theatre. This was meant to assert a certain primacy of interest in the former. Where the Indian Ocean itself was concerned, the focus was much more centred around the Gulf. However, as challenges changed and capabilities were stretched, a more cohesive effort was needed not only in respect of its own resources but working with more partners as well. This period has therefore not only seen a revision in strategic concepts but also a more open approach to global collaboration. You can see that, for example, in an Anerican willingness to establish the Quad.
6. The perspective of a country like India is naturally somewhat different. In our case, our interests were steadily extended as part of the Look East and then Act East policies. The consolidation of ties with ASEAN and a strong grounding in the East Asia Summit architecture allowed us to explore ground further beyond. The results of that are visible with RoK in North East Asia and with Australia to the South and with a number of countries in between. India’s stakes in terms of trade, investment, services, resources, logistics and technology in the Indo-Pacific are growing by the day. Ensuring the stability, safety and security of this region is therefore vital for us. We have an obligation to the global commons, just as we have a duty to do global good.
7. As the idea of Indo-Pacific took root, many nations, groupings and organizations examined it from their particular vantage point. The ASEAN, the EU and IORA have all articulated their outlook. So too have individual nations in Europe and in Asia. The East Asia Summit has even launched an Indo-Pacific Ocean’s Initiative in 2019. It was noteworthy that the Republic of Korea, after careful consideration, also released its Indo-Pacific Strategy in 2022. My understanding is that it envisages a free, peaceful and prosperous region based on three principles of inclusiveness, trust and reciprocity. This certainly creates the basis for working more closely with like-minded partners.
8. Now why is it important that we work together? Part of the answer lies in the opportunities of the emerging world, especially those pertaining to new technologies. But some of it also refers to the stability and the predictability of the international economy as a whole. We are, therefore, impelled by both national interests and global de-risking. To appreciate that, let us consider the factors of current volatility. In the last four years, we have seen the global economy and even global society devastated by the Covid-19 Pandemic. Quite apart from the damage that it wrought, it completely disrupted the flow of goods and services. Thereafter, we are witnessing two conflicts that are still ongoing, one in Ukraine and the other in the Middle East. The latter has spread to the Red Sea, threatening maritime shipping between Asia and Europe. Climate events are another variable that we need to cater for, because they will happen increasingly frequently. The world cannot be sanguine about such shocks in the future. On the contrary, we have to proof ourselves by creating redundant, reliable and resilient supply chains. Trade and supply chain diversification is one aspect of such endeavours. I understand that RoK has a 3050 strategy in that regard. The point is that our efforts, individually or together, can make a difference to the larger picture.
9. Now the same calculations also apply in large measure to the digital domain. But there is the added factor of trust and transparency as well. Data privacy and cyber security are increasingly crucial concerns, for nations as much as for individuals. It is not enough to come up with reactive steps or preventive firewalls. There are structural solutions that are based on trusted vendors and trusted geographies. We have to recognize the imperatives of strategic trade and adjust our policies accordingly.
10. So, how do India and RoK respond to this evolving scenario? First of all, by recognizing that the world is moving towards greater national production and strategic autonomy. They may call it by various names in the US, China or Europe, but believe me, the underlying commonality is very clear. Debates in this regard are sometimes confusing by painting extreme scenarios of de-coupling. Don’t let it cloud the reality that in certain critical areas, partnerships would now be forged with much greater caution than before. And many more capacities will be built at home. We are two countries who are politically and economically well aligned to do so.
11. My second argument is in regard to changes underway in India. For a variety of reasons, we in India, did not give the importance that we should have to manufacturing and technology development in the past. That started to change in 2014 with the Modi Government and has gathered steam over a decade. It is supported by vast improvements in infrastructure, innovation, education and skilling. This has now enabled us to embark on a ‘Make in India’ initiative in various domains. Such collaborations would not only facilitate our partners’ access the Indian market but also use us as a platform for global production. In short, the growing efficiencies of India are on offer as an attraction to Korean businesses. This is certainly worth consideration if you look at the growth prospects of India. We have rebounded robustly from the Covid period and are on track to become the third largest economy in the next few years. Along with that, if you look at the innovations underway, the start-up culture and the number of unicorns, there is a strong case here for greater focus and attention.
12. All of us know that we are now entering the world of AI and chips, of battery and electric mobility, of space and drones, of clean and green tech, and critical minerals and resources. Much of the world’s strategic calculations revolve around these domains as they are perceived to provide the edge in the times to come. A common element in all of them however is human resources. Not just resources per se, but skills which are readily available in a prepared manner. The world is waking up to this challenge because this is also one of trusted talent in many areas. Already, we are seeing considerable delays in critical projects in different geographies on this account. Not coincidentally, we in India have been approached by many more OECD members with requests to conclude mobility partnerships. India, of course, has its own semiconductor mission as it does initiatives in many other new and emerging technologies. Our expectation is that even within a few years, a very different larger eco system will take shape inIndia in this regard. I am sure that it will create more possibilities for collaboration between India and the Republic of Korea.
13. Conversations about the international economy naturally focus on production, on consumption and usually on technology. Here too, a recent addition to the agenda has been the importance of connectivity. This is relevant for two reasons: one, that new production and consumption centres are not always as optimally connected as their capacities justify; and two, because historical linkages have been effectively disrupted during the era of imperialism. As a result, the world faces the challenge of creating the new while reviving the old. Recent initiatives in this regard have naturally reflected the changed economic standing of global players. From India’s view point, it is essential that there is a lateral connect from the Pacific to the Atlantic that passes through our country. This could well take shape when the IMEC (India Middle East Europe Economic Corridor) initiative gathers pace to the West of India in the Gulf and beyond and as the trilateral highway connects India all the way to the Vietnam coast. A very different but also intriguing possibility is the opening of the polar route from Asia to Europe. The Chennai-Vladivostok corridor is an effort to explore that option. As these and other corridors come into being, their logistics and mobility implications will be studied carefully. I believe that this too can have a beneficial impact on our bilateral cooperation.
14. As two significant G20 members, India and RoK have a growing responsibility to actively contribute to the reshaping of the global order. The era when a few powers exercised disproportionate influence over that process is now behind us. Willy-nilly, it has become a more collaborative and broad-based endeavour. That multilateralism has also stalled and being replaced in good measure by pluri-lateralism is a factor as well. Issues like countering terrorism or WMD proliferation or indeed ensuring maritime safety and security do matter fundamentally to us. We have also seen opportunity in initiatives like the Indo-Pacific Economic Framework or the Minerals Security Partnership. In crucial domains like digital delivery or clean energy, our national efforts have points of convergence.
Let me add here that even as we seek to strengthen our bilateral ties, there are a number of international initiatives in which our shared participation would certainly contribute to the bilateral facet of our relationship as well.
If I were to give some examples for RoK as an importnat trading country, maritime security is a very very vital concern. We in India host a Fusion Centre which is built as a result of a number of White Shipping agreements with different partners where you actually have a common operative picture across the entire Indian ocean. Similarly, RoK’s participation in Initiatives like the Indo Pacific Oceans initiative which looks at a range of oceanic issues from ecology and environment to transport and science technology would I think be a very valuable addition. Or if I could refer to a completely different domain, as a country which has been very active on climate issues for RoK to make its presence felt at the International Solar Alliance which India had proposed along with a few countries at COP 21, which today has more than a hundred members, I think would be a very positive development. Infact, as climate events occur with greater regularity, RoK’s contribution even to disaster resilience, and we have again an initiative called the Coalition for Disaster Resilient Infrastructure, would be something which would be greatly appreciated. So I give these examples as a way of illustrating that one way of also deepening our relationship is for us to be present in similar organizations or shared organizations with common goals. And that too would reinforce a what hopefully would be a deeper bilateral relationship.
15. In order to realize our potential, a challenge that I have flagged already, it is important that we intensify our engagement in different spheres. Certainly, we need more political discussions, morestrategic conversations: which is why I am here. We need stronger business connects and technology interactions. The long pending review of our CEPA must be expedited so that it can be upgraded. We will have to identify more intersections and meeting points that work for both of us. We will also have to be more collaborative, recognizing the strengths that we each bring to the table. Today, we are all contemplating the prospect of a re-globalization that would be very much shaped by emerging technologies. That gives our two nations the opening to progress ourselves while contributing to a better world. I am confident that by broadening our horizons, the India-RoK partnership can emerge as a significant factor in the Indo-Pacific.
Thank you for your attention