Seoul: South Korea and India held a joint forum on growth strategy on Friday and discussed measures to expand bilateral cooperation in trade, Seoul’s industry ministry said.
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.
(INAS)
