Question

What are the political and economic ties between india and southkorea

Answer 1

India–South Korea relations have been relatively strong for 2,000 years, although more progress arose during the past three decades. Korea and India share a lot of similarities in every aspect. Since the formal establishment of the diplomatic ties between the two countries in 1973, several trade agreements have been reached: Agreement on Trade Promotion and Economic and Technological Co-operation at 1974; Agreement on Co-operation in Science & Technology in 1976; Convention on Double Taxation Avoidance in 1985; and Bilateral Investment Promotion/ Protection Agreement in 1996. Trade between the two nations has increased exponentially, exemplified by the $530 million during the fiscal year of 1992-1993, and the US$10 billion during 2006-2007.[1] It further increased to US$17.6 billion in the year 2013.

India – South Korea relations
India
South KoreaDiplomatic MissionEmbassy of India, Seoul, South KoreaEmbassy of South Korea, New Delhi, IndiaEnvoyAmbassador of India to South Korea Sripriya RanganathanAmbassador of South Korea to India Shin Bong-kil

During the 1997 Asian financial crisis, South Korean businesses sought to increase access to the global markets, and began trade investments with India.[1] The last two presidential visits from South Korea to Indiawere in 1996 and 2006,[2] and the embassy works between the two countries are seen as needing improvements.[3] Recently, there have been acknowledgments in the Korean public and political spheres that expanding relations with India should be a major economical and political priority for South Korea. Much of the economic investments of South Korea have been drained into China;[4] however, South Korea is currently the fifth largest source of investment in India.[5] To the Times of India, Roh Tae-woo voiced his opinion that co-operation between India's software and Korea's IT industries would bring very efficient and successful outcomes.[2] The two countries agreed to shift their focus to the revision of the visa policies between the two countries, expansion of trade, and establishment of free trade agreement to encourage further investment between the two countries. Korean companies such as LGand Samsung have established manufacturing and service facilities in India, and several Korean construction companies won grants for a portion of the many infrastructural building plans in India, such as the National Highways Development Project.[5] Tata Motors' purchase of DaewooCommercial Vehicles at the cost of US$102 million highlights India's investments in Korea, which consist mostly of subcontracting.[5]

In June 2012, India, a major importer of arms and military hardware planned eight warships from South Korea but cancelled it. India-RoK relations have made great strides in recent years and have become truly multidimensional, spurred by a significant convergence of interests, mutual goodwill and high level exchanges. Prime Minister Dr. Manmohan Singh paid an official visit to Seoul from 24–27 March 2012, pertaining to Nuclear Security Summits, which led to the deepening of bilateral strategic partnership that was forged during President Lee Myung-bak’s State visit to India. An agreement on visa simplification was signed on 25 March 2012 in the presence of the two leaders at the Blue House. A Joint Statement was also issued during PM's visit. PM had last visited Seoul from November 10–12, 2010 for the G20 Summit. Earlier President Smt. Pratibha Devisingh Patil came on a State Visit to RoK from 24–27 July 2011 during which the Civil Nuclear Energy Cooperation Agreement was signed. President Lee paid a landmark visit to India, as Chief Guest at India's Republic Day celebrations on 26 January 2010, when bilateral ties were raised to the level of Strategic Partnership. His visit preceded an equally successful State Visit to RoK by President Dr. APJ Abdul Kalam, in February 2006 that heralded a new vibrant phase in India-RoK relations. It interalia led to the launch of a Joint Task Force to conclude a bilateral Comprehensive Economic Partnership Agreement (CEPA), which was signed by Minister for Commerce and Industry Shri Anand Sharma at Seoul on August 7, 2009.