Koreas New Southern Policy meeting Indias Act East Policy

Moon Pledges- The great potential of Koreas New Southern Policy meeting Indias Act East Policy

Zouth Korean President Moon Jae-in’s maiden visit to India aims to strengthen relations between the two countries as part of his New Southern Policy. He had reportedly pledged in his presidential election campaign that he would elevate Korean ties with India to the level of China, Japan, Russia and the US. There is great potential complementarity between Korea’s New Southern Policy and India’s Act East Policy.

As President Moon has said, the geographical importance of the Indo-Pacific region covering both Korea and India is increasing. His dogged and unflappable push for reconciliation with the North as well as the US-North summit took place against the backdrop of not only increased Chinese assertiveness in the region but also a developing US-China trade war, amounting to new challenges on both diplomatic and economic fronts. It is in their mutual interest for India and Korea to meet these challenges together. On the economic front India offers Korea a more predictable business environment as it seeks to diversify beyond its biggest export destination, especially after its businesses were hit hard last year by China suddenly turning against them following Seoul’s deployment of the US missile shield, THAAD.

Korea offers India a potentially game changing partnership in manufacturing, high technology industries and infrastructure building. China is no longer a low cost manufacturing base as it has grown more prosperous and tries to develop its high tech industries, which in turn has led to growing concern about its penchant for stealing tech even as it shelters its own high tech industries. India dropped the ball on the Posco steel plant, which could have been its largest foreign direct investment project. But given the difficult global trade environment today we must not waste any more opportunities, especially those that come knocking on our door.

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Courtesy: Times Of India: 10th July, 2018