Key Points
Discussed expanding trade and future industries like renewables
Signed $253M K9 howitzer export deal
Upgraded to strategic partnership in 2015
Talks held amid global tariff tensions
In the Seoul forum, the two sides discussed advancing collaboration in trade and investment, as well as future industries, such as advanced manufacturing and renewable energies, as special strategic partners, according to the Ministry of Trade, Industry and Energy, reports Yonhap news agency.
The two countries upgraded their bilateral relations to a special strategic partnership in 2015 to boost their comprehensive cooperation in trade, defence and technology.
The forum, co-hosted by the industry ministry and the Embassy of India in Seoul, took place just a day after the U.S. administration announced plans to impose country-by-country reciprocal tariffs, raising concerns over a global trade war.
South Korea is subject to 25 per cent reciprocal duties and India 27 per cent.
"The two countries have seen limited performance compared to their potential for cooperation, but South Korea will work to promote more tangible cooperation with India this year," said Kim Jong-chul, director general for international trade relations at the ministry.
Indian Ambassador to South Korea Amit Kumar also called for a sustainable partnership between the two countries considering their economic structure, growth potential and strategic benefits, according to the ministry.
Meanwhile, South Korean defence giant Hanwha Aerospace has signed a 371.4 billion-won ($253.6 million) deal to export homegrown K9 self-propelled howitzers to India.
Under the agreement, the company will deliver the K9 howitzers to the Indian Army by September 2030, in cooperation with Mumbai-based company Larsen & Toubro, according to Hanwha Aerospace.
The deal aligns with India's ongoing efforts to modernize its military, the company added.
This agreement follows a 2017 contract, under which Hanwha supplied 372.7 billion won worth of K9 howitzers to India by 2020.
Hanwha Aerospace said this additional contract reflects the K9's proven reliability in meeting the Indian Army's operational needs.
Comments:
Rajesh K.
2 hours ago
Great to see India strengthening ties with South Korea! The defense deal is particularly interesting - modernizing our military with reliable partners is crucial. 🇮🇳🤝🇰🇷
Sunita M.
4 hours ago
While I appreciate the trade discussions, I wish there was more focus on renewable energy cooperation. Both countries have so much potential in solar and wind power that we should be leveraging more aggressively.
Jong-ho L.
5 hours ago
As a Korean business owner, I'm excited about more opportunities in India. The market potential is huge and Indian consumers are becoming more quality-conscious. Hope to see more Korean products there soon!
Ananya P.
7 hours ago
The timing of this forum is interesting with the US tariff news in the background. Maybe India and Korea can find ways to reduce dependence on Western markets through stronger bilateral trade?
Yoon-ji K.
9 hours ago
The K9 howitzer deal shows how defense cooperation can be a win-win. India gets quality equipment, Korea gets business. More such partnerships please! 💪
