Korea and India economic partnershp: significance and economic effect
- 5 years ago
한-인도 경제협력확대...시저니효과는?
Keeping our sights fixed on the South Korea-India partnership.
Greater cooperation in various sectors is sure to generate incredible synergy.
Kim Hyesung outlines some of the anticipated effects.
Strengthening economic ties and creating a win-win for both countries under Korea's "New Southern Policy" and India's "Look East Policy."
That's the goal agreed on Friday by President Moon Jae-in and Indian Prime Minister Modi.
The New Southern Policy, pushed by the Moon Administration since 2017, aims to expand Korea's ties with India and ASEAN countries... and establish peace and prosperity in the Asia Pacific.
India has the world's second biggest population at 1-point-three billion.
It's also the world's sixth largest economy, with an annual growth rate of seven percent, meaning a huge export market for Korea.
As for India, the Modi government has invested heavily in infrastructure under its "Look East" and "Make in India" policies. It aims to attract foreign investment and build India's manufacturing sector so that it makes up 25% of the country's GDP by 2022.
"Korea can diversify its export market and reduce its reliance on the U.S. and China. Korea's technological know-how on the other hand, can help nurture India's manufacturing sector, creating synergy for both countries."
Bilateral trade between Korea and India hit 21-point-five billion U.S. dollars in 2018, up 26 percent from 2010.
But India accounts for only three percent of Korea's total exports, far short of the 25 percent that goes to China, meaning there's a lot of room for growth.
"India is the next China. It'll soon be part of the so-called G3. But there's a lot of competition with China and Japan to enter the Indian market. To seize the opportunity, Korea and India need to strengthen their communication channels and engage in joint projects."
At the same time, experts say the two countries need to finalize the amendment to their bilateral Comprehensive Economic Partnership... to make more Korean goods duty-free and to raise their competitiveness.
Kim Hyesung, Arirang News.
Keeping our sights fixed on the South Korea-India partnership.
Greater cooperation in various sectors is sure to generate incredible synergy.
Kim Hyesung outlines some of the anticipated effects.
Strengthening economic ties and creating a win-win for both countries under Korea's "New Southern Policy" and India's "Look East Policy."
That's the goal agreed on Friday by President Moon Jae-in and Indian Prime Minister Modi.
The New Southern Policy, pushed by the Moon Administration since 2017, aims to expand Korea's ties with India and ASEAN countries... and establish peace and prosperity in the Asia Pacific.
India has the world's second biggest population at 1-point-three billion.
It's also the world's sixth largest economy, with an annual growth rate of seven percent, meaning a huge export market for Korea.
As for India, the Modi government has invested heavily in infrastructure under its "Look East" and "Make in India" policies. It aims to attract foreign investment and build India's manufacturing sector so that it makes up 25% of the country's GDP by 2022.
"Korea can diversify its export market and reduce its reliance on the U.S. and China. Korea's technological know-how on the other hand, can help nurture India's manufacturing sector, creating synergy for both countries."
Bilateral trade between Korea and India hit 21-point-five billion U.S. dollars in 2018, up 26 percent from 2010.
But India accounts for only three percent of Korea's total exports, far short of the 25 percent that goes to China, meaning there's a lot of room for growth.
"India is the next China. It'll soon be part of the so-called G3. But there's a lot of competition with China and Japan to enter the Indian market. To seize the opportunity, Korea and India need to strengthen their communication channels and engage in joint projects."
At the same time, experts say the two countries need to finalize the amendment to their bilateral Comprehensive Economic Partnership... to make more Korean goods duty-free and to raise their competitiveness.
Kim Hyesung, Arirang News.