President Lee Jae Myung delivers a speech during a meeting with members of the Korean community in India at a hotel in New Delhi, Sunday. Yonhap
President Lee Jae Myung said Sunday that Korea and India are expected to take their relations to “a completely different level” on the occasion of a bilateral summit, noting that current ties remain far below India’s economic growth potential.
Speaking to members of the Korean community in India, the president expressed hope that they will play a credible role as “a valuable asset” linking the two countries.
“The summit will raise the possibility that relations between Korea and India will develop into a completely different level than they are now,” he said during a meeting with the Korean community on the first day of his three-day official visit.
In particular, he noted that India is no longer just a global consumer market but also a production hub and a key supply center at a time of disrupted global supply chains.
The president made the remarks a day before his scheduled summit with Indian Prime Minister Narendra Modi.
The summit comes as India, which has the world’s largest population of 1.4 billion, hosts only a little over 10,000 Koreans — both immigrants and nationals — living in the country.
While India is forecast to post robust economic growth of more than 6 percent, only about 760 Korean companies are currently operating there.
That figure is comparable to the more than 12,000 Korean businesses operating in Vietnam, Lee’s next destination on his two-leg trip this week.
“India’s level of cooperation with Korea is far lower than its growth potential, and this view is shared by India,” the president said. “Under these circumstances, I believe the Korean community has a significant role to play as a valuable asset between the two countries.”