South Korean President Moon Jae-in arrived in New Delhi on Sunday on a four-day visit. A visit that is expected to see new partnerships in the economic sphere between the two big economies of Asia.
The South Korean leader's visit comes as the U.S.'s 25% tariffs on Chinese goods worth $34 billion take effect, triggering a trade war between the world's two largest economies. Export-driven South Korea needs to find new markets to cut reliance on its two biggest trade partners. China was the biggest export destination of South Korea for the first five months this year, accounting for 26.5% of exports, followed by the U.S. which had 11.4%, according to data from the Korea International Trade Association.
With the changing geopolitics landscape it is highly important for The South Korea to forge a good economic tie up with India a nation which as per them is enriched in Human Resource, Science and technology and they the Korean's have the appropriate experience, technology and capital which, if combined together can lead to greater expansion in the manufacturing, infrastructure and other industries.
Both the nations are working on the new policies Act East Policy by India under PM. Modi and New Southern Policy by South Korea. Both the nations are gearing up for the new bilateral relation and economic ties between them to foster both of them. As we all can see there are already a lot of South Korean companies doing business in country like Hyundai, Samsung, LG etc. and now with the current opening of one of the biggest manufacturing plant of Samsung in Noida (UP) it seems like the South Korean's have a great plan to invest in India with keeping the eye on 1.25 billion people.
Hope the nations work together with the pledge to foster each other's economy they can surely take edge on the Industrial Revolution 4.0 as we all know India has a great potential with the world's highest youth population and the Korean's great manufacturing tech a great match if work together.