South Korea’s Economic Security: Prospects for Greater Cooperation with India

Abstract

The economic security of middle powers across the world is being challenged by great power rivalry and, more recently, Russia’s invasion of Ukraine. One of the largest trade and investment countries globally, South Korea is amongst the middle powers most affected by these developments. In this context, South Korea needs to finetune its economic security strategy. One way of doing so is by diversifying its economic relations. In this respect, India, a fellow middle power and also one of the biggest economies in the world, is a key partner. Supply chains, trade, investment and human capital have all been benefiting from strengthening links between South Korea and India, and will be key moving forward as the former seeks to further boost its economic security. Indeed, South Korea and India have been strengthening their links in the intertwined areas of maritime security, cyber security, and economic security in recent years. This suggests that economic security is part of broader security cooperation between the two partners.