Mince the garlic and prepare all the ingredients so they are ready to use during cooking.
In a medium saucepan, heat the olive oil over medium heat. Sauté the minced garlic until fragrant.
Add the ketchup, honey, rice vinegar, soy sauce, and water. Stir well to combine, then simmer over low heat for 3-4 minutes.
In a small bowl, whisk the cornstarch with a little cold water until smooth. Pour the slurry into the sauce.
Continue cooking the sauce until it thickens, about 5-7 minutes. Add the chili flakes and stir thoroughly.
Season with salt, then taste and adjust the flavors as needed. The sauce should have a balance of sweet, sour, and slightly spicy notes.
Serve the sauce with freshly cooked meats, grilled vegetables, or use it as a dipping sauce. It can be stored in an airtight container in the refrigerator for 2-3 days.
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