Calls for Enhanced Cooperation in Shipbuilding, Defence, Healthcare and Infrastructure
External Affairs Minister S Jaishankar on Thursday called for deeper cooperation between India and South Korea across several strategic sectors, including shipbuilding, healthcare, infrastructure, and defence, highlighting the growing importance of bilateral ties amid evolving global geopolitical and economic realities.
Addressing participants at the Jeju Forum in South Korea, Jaishankar stressed that the two Asian economies possess complementary strengths and should work more closely to unlock new opportunities for growth, innovation, and regional stability.
Strategic Sectors Offer Significant Collaboration Potential
Jaishankar noted that India and South Korea have immense potential to expand cooperation in high-priority sectors such as shipbuilding, infrastructure development, healthcare, defence manufacturing, advanced technologies, and industrial supply chains.
India's rapid economic expansion, large domestic market, and ambitious infrastructure plans, coupled with South Korea's technological expertise and manufacturing capabilities, provide a strong foundation for enhanced bilateral engagement.
The minister emphasized that closer collaboration in these areas would not only strengthen economic ties but also contribute to building resilient supply chains and promoting sustainable growth.
Greater Opportunities Needed for the Global South
Highlighting broader global challenges, Jaishankar underscored the need to create greater capacities and opportunities for countries in the Global South.
He observed that the current international environment increasingly reflects a situation where the interests of a few nations are being openly prioritized, creating imbalances in the global economic and political order.
Without naming any specific country, Jaishankar stressed that emerging economies require fair access to capital, technology, markets, and development opportunities to ensure inclusive global growth.
India Continues to Champion a Multipolar World Order
India has consistently advocated for a more balanced and multipolar international system that better represents the aspirations of developing nations.
Jaishankar reiterated that stronger partnerships among countries of the Global South are essential for addressing common challenges, including supply chain disruptions, energy security, climate change, and technological transitions.
He emphasized that collaborative frameworks and diversified economic partnerships will be critical in shaping future global growth.
Bilateral Economic Ties Continue to Strengthen
India and South Korea have steadily expanded economic cooperation over the years, with bilateral trade and investment witnessing significant growth.
Several major South Korean companies have established a strong presence in India across sectors such as automobiles, consumer electronics, heavy engineering, steel, and renewable energy.
Both nations are also exploring deeper cooperation in emerging sectors including semiconductors, electric vehicles, clean energy, digital technologies, and advanced manufacturing.
Diplomatic Engagement Gains Momentum
Jaishankar is currently on a two-day visit to South Korea as part of his ongoing diplomatic outreach in East Asia. The visit follows his recent engagements in Mongolia and is aimed at further strengthening India's strategic partnerships in the region.
Analysts believe the visit could pave the way for enhanced cooperation in trade, investment, technology transfer, and defence collaboration.
Market Perspective
Closer India-South Korea cooperation could create long-term opportunities for Indian companies operating in infrastructure, shipbuilding, defence manufacturing, electronics, healthcare, and renewable energy sectors.
Investors may closely track future bilateral agreements and investment announcements, as deeper economic engagement between the two countries could unlock significant growth opportunities across multiple industries.
Outlook
As geopolitical dynamics continue to evolve, India and South Korea are expected to deepen their strategic and economic partnership. Enhanced cooperation across key sectors could not only strengthen bilateral relations but also contribute to greater economic resilience and regional stability in the Indo-Pacific region.