[Interview] "Reshaping Global Supply Chains... Time for Korea and India to Firmly Join Hands"

Interview with Amit Kumar, Indian Ambassador to Korea

The world's 5th largest economy. The 5th largest stock market by market capitalization globally. The most populous country. These are all titles held by India. However, India's ambitions do not seem to stop here. Narendra Modi, who secured a third term in June, is accelerating plans to increase the country's Gross Domestic Product (GDP) to $7 trillion by 2030, building on the economic growth achievements India has made so far.

Amit Kumar, the Ambassador of India to Korea, is giving an interview to Asia Economy at the Embassy of India in Yongsan-gu, Seoul. Photo by Yongjun Cho jun21@

Amit Kumar, the Indian Ambassador to Korea, said in an interview with Asia Economy on the 31st of last month, "India's economic growth rate was 8.2% last year, and an average annual growth rate of around 7% is projected until 2030," adding, "By around 2027, India will surpass Germany and Japan to become the world's 3rd largest economy." He continued, "The world is engulfed in geopolitical crises and the upheaval of global supply chain restructuring," emphasizing, "As G20 member countries, Korea and India must hold hands more firmly and work together more than ever before."

The source of Ambassador Kumar's confidence lies in the 'Make in India' policy (Prime Minister Modi's manufacturing promotion policy). Apple has chosen India as the first overseas production base for its next flagship iPhone 16 model. This highlights how India is emerging as a global supply chain alternative amid the accelerated de-Chinafication of manufacturers worldwide. Regarding this, Ambassador Kumar explained, "You just need to look at where semiconductor companies are setting up factories. Samsung Electronics has the world's largest smartphone manufacturing plant in Noida, India, and Micron Technology is investing $2.7 billion (about 3.6 trillion KRW) to build a semiconductor assembly, testing, and marketing (ATMP) plant."

Ambassador Kumar pointed to startups as the next major area of cooperation between the two countries after manufacturing. He said, "In 2016, there were only a few hundred startups in India, but now the number has exceeded 110,000. There are also 113 unicorns (unlisted startups valued at over $1 billion)." He added, "If India's talents in mathematics, science, and IT combine with Korea's innovative venture ecosystem, significant synergy can be created." He continued, "Just this morning, I attended the opening ceremony of the 'Global Startup Center' (GSC) with Oh Young-joo, Minister of SMEs and Startups, where we discussed supporting overseas expansion and investment for startups from both countries," emphasizing, "The foundation for cooperation between the two countries is broadening in areas such as electric vehicles, green hydrogen, defense, and space industries, creating diverse opportunities."

Below is a Q&A with Ambassador Kumar.

- Narendra Modi has secured a third term. What are the key diplomatic activities that the Modi government and the Indian Embassy in Korea will focus on going forward?

▲ The goal is to further expand and develop the 'Special Strategic Partnership' between the two countries, which has entered its 10th year. With Modi's third term, the continuity of India's existing foreign policy directions is ensured. Following the meetings between President Yoon Suk-yeol and Prime Minister Modi at the recent G7 and G20 summits, high-level talks continue with meetings between the foreign ministers of both countries. There are many areas to collaborate on, from defense cooperation through the introduction of India's K-9 self-propelled howitzer (called Vajra in India), to economic trade, climate issues, and key Indo-Pacific regional matters.

- The two countries celebrated the 50th anniversary of diplomatic relations last year. Since then, which industries in India have grown most dramatically, and which promising industries should be focused on going forward?

▲ Manufacturing, undoubtedly. Since the late 1990s when leading Korean companies such as Hyundai, Samsung, LG, and POSCO entered the Indian market, the automotive and steel sectors have grown significantly. In response, the Indian government introduced the Production Linked Incentive (PLI) scheme, supporting 14 manufacturing sectors with $50 billion (about 69 trillion KRW) to accelerate manufacturing growth. Recently, investments have diversified into finance and gaming industries. Mirae Asset Global Investments established a corporation in Mumbai, becoming the only independent foreign capital asset management firm in India. Korea's six major banks have opened 15 branches in India, with seven more expected this year. Krafton, which ranked first in the Indian mobile gaming market in the second half of last year, is also expanding its investments.

- Korea and India have both achieved remarkable economic growth. It seems that the excellent talent pools and high education levels in both countries have been driving forces. Are there ways for the two countries to mutually develop through human resource exchanges?

▲ India announced a new education policy in 2020, with a particular focus on exchange and cooperation with overseas universities. Our embassy is promoting joint research and curriculum development between universities of both countries, exchange student programs through sister school relationships, and joint degree programs. Samsung and LG have established their largest overseas R&D centers and research institutes in India, attracting top-tier IT talent, which is a good example. Also, if Indian IT talents and skilled workers combine with the world's largest semiconductor chip cluster being built in Gyeonggi Province, Korea, it will create significant synergy.

- The Indian stock market has attracted intense interest from investors and has risen to 5th place globally in market capitalization. Are there promising industries or technologies in India that you would like to introduce to Korean investors considering investing in Indian stocks?

▲ Under the Modi government, investments and growth in construction infrastructure, renewable energy, and the power sector are expected to be most prominent. I would especially like to highlight the green hydrogen industry, which produces hydrogen by splitting water using electricity generated from renewable energy sources like solar and wind power. India has vast land and abundant sunlight, making it one of the countries with the lowest solar energy costs worldwide. As seen in Hyundai Motor's plans to list on the Indian stock market, infrastructure related to electric and hydrogen vehicles is also promising.

- When people think of India, movies like '3 Idiots' and 'Slumdog Millionaire' come to mind. There is also Indian actor Anupam Tripathi, who was recognized as a scene-stealer in Netflix's 'Squid Game.' What do you think about the image of India portrayed through media?

▲ Since coming here and making friends with Koreans in various fields, I have discovered that there are diverse perspectives and images regarding India's identity. The mentioned works were impressive, but there are many historic ties between Korea and India that could be made into works. For example, the marriage of the Indian princess Suriratna (Heo Hwang-ok) who came to Korea around the 1st century and King Suro, the founder of Gaya, is a representative case. The two countries are also connected through Buddhism, and the Indian poet Rabindranath Tagore famously likened Korea to the 'Lamp of the East' and gifted a poem.

- I heard that in India, there is a Korean language education craze, with 100,000 applicants for a Korean language department at one university. What is the level of awareness and perception of Hallyu (Korean Wave) locally?

▲ Centered on the younger generation, the popularity of K-pop and K-dramas has sparked a tremendous desire to learn Korean language and culture. Currently, 16 universities in India offer Korean language courses, and some have even established Korean Studies major programs. Some even self-study Korean through YouTube. As economic and trade exchanges between Korea and India expand, more young people are seeing Korean language study as an opportunity for career development.

- A personal question. You majored in mechanical engineering at university. How did you end up pursuing a career as a diplomat?

▲ I enjoyed traveling and exploring other countries' cultures. Also, working in government agencies to serve the public appealed to me. These combined traits have led me to where I am today.

- How satisfied are you with life in Korea? Korean food might not suit everyone.

▲ I am very satisfied. It has been 22 months since I was assigned to Korea, and I like not only the people but also the overall infrastructure and culture. Especially Korean food has been a soul food for me and my family since 25 years ago when I worked in China and enjoyed it regularly.