Heat oil in a pan. Add the minced ginger and garlic and sauté on low flame until the raw aroma goes.

Do not brown or burn the ginger-garlic. Add the minced onions and cook on low flame.

Meanwhile, grind the soaked chilies with two tablespoons of water into a paste. Use the same water that was used to soak the chilies.

Once the onions have caramelized, add the ground chilies, soy sauce, vinegar, ketchup, sugar, salt and 1/4 cup water.

Bring it to a boil and simmer until the sauce thickens. The oil should have separated, and there should be some oil floating on top.

Once done, let the sauce cool completely and then transfer into an airtight container. Store in the refrigerator for about 15-30 days.