Describing the US as an important partner in its  development efforts, External Affairs Minister S.M. Krishna has said for India, it will  remain "a relationship of great priority and importance" in the 21st century.

"As we look at  the priorities for India's foreign policy in the decades ahead, we see not only convergence of interests with the United  States, but also a belief in the importance of  a strong partnership between our two great democracies in achieving our shared  goals," he said Friday.

"It is this recognition that has led to an extraordinary political investment in the two countries in transforming India-US relations and in establishing a durable and  broad-based framework of a global strategic partnership," Krishna said.

He was speaking on "India's Foreign Policy Priorities for the 21st Century" at the launch of the "Brown-India Initiative"  at Brown University, an American private Ivy League research university in Providence, Rhode Island.

An interdisciplinary hub for the study of contemporary India, the initiative aims to produce first-rate academic research, and to contribute to public discourse on, and in,  India through talks, events, and the  convergence of figures from diverse walks.

Krishna said the success of India-US partnership will not only contribute to the prosperity in the two countries, but, in a world of great flux and diversity, it will be a model of international partnership and a factor of global and regional peace,  security and stability.

"For India, it will remain a relationship of great priority and importance in the 21st  century," he said. Another key priority for India, Krishna said would be to "seek to further reform multilateral institutions such as the United Nations, including the  Security Council, World Bank and IMF to reflect contemporary realities and to  improve their ability to address new challenges".

But the foremost priority of India's foreign policy will be to create a favourable external environment for the pursuit of collective prosperity and the individual welfare of all the Indian people, Krishna said.

"Our foreign  policy will, therefore, be an instrument of our development, but also a vehicle  to fulfil our global responsibilities," he said. Another major  priority for India's foreign policy will be the creation of an area of peace and prosperity in South Asia, Krishna said noting for more than three decades the north-western parts of the  subcontinent have seen much turbulence, and conflict has affected not only India but the entire  world.

"Our vision seeks political stability, economic modernization and regional integration of  the region," he said. "This will enable India to reconnect more closely with Central Asia, and also contribute to stability and prosperity in inter-linked South and Central Asian regions," Krishna said.