South Korea plans on strengthening cooperation with India as Seoul attempts to align with a US-led push to diversify the global supply chain away from China.
(Bloomberg) — South Korea plans on strengthening cooperation with India as Seoul attempts to align with a US-led push to diversify the global supply chain away from China.
“In the era of economic security, it is essential to strengthen supply chain and science and technology cooperation with India,” said Foreign Minister Park Jin, who was on a two-day visit to India that began Friday. Park said India shares universal values such as democracy, possesses enormous growth potential, and is a crucial partner for South Korea, according to a foreign ministry statement on Sunday.
“Business entrepreneurs who are investing and operating in India must play a crucial role in realizing this,” Park told business leaders in Chennai. In response, delegates highlighted the importance of fostering stronger human and cultural exchanges between the two countries to boost economic cooperation.
President Joe Biden’s administration has been seeking help from allies including South Korea in reducing the global supply chain’s dependence on China, while also imposing sweeping curbs on the sale of advanced semiconductor equipment.
India has been one of the beneficiaries in the broader shift, as companies such as Apple Inc. increase manufacturing capacity in the South Asia nation.
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