The bilateral relations in between India and South Korea have been relatively very strong for more than 2,000 years. But the maximum pitch reached in last 2-3 decades. South Korea and India share a lot of similarities in many aspects. Step by step it has reached to its highest point with the base of various aspects. The formal establishment of the diplomatic ties between India and S Korea in 1973, a few trade agreements have been reached at that time, an agreement on Trade Promotion and Economic and Technological Co-operation reached to highest in 1974. The agreement on collaboration in Science & Technology sects has got the highest value in 1976; avoidance of double Taxation in 1985; and Bilateral Investment Agreement in 1996. The trend of the trade between the two countries has shown an exponential curve, exemplified by more than $500 million during the fiscal year of 1992-1993, and the $10 billion USD in last decade. And it further reached to US$17.6 billion in the year 2013. And the current status is mentioned by Prime Minister Narendra Modi that it has been reached to $20 billion USD.
Recently Prime Minister Narendra Modi has addressed a business Summit in New Delhi on Tuesday. Prime Minister Modi said bilateral trade between India and S Korea in 2017 reached $20 billion, which is the first time in six years. Modi also said that it is really unbelievable that how a small country (the size is almost the size of Gujarat) can make such economic progress. According to him, “It is to be noted that the bilateral trade crossed more than $20 billion US dollar for the first time in last six years”. He also mentioned that he really admires the spirit of entrepreneurship of South Korean people”.
According to him, “I really admire the way in which Korean people have created and sustained their global brands status. South Korea has produced exemplary products in every sector which includes, information technology, electronics, automobile, and steel”. He also mentioned that-South Korean companies are really appreciated for their strong capabilities for innovative products and design.
According to PM Modi, India has all the three-factor which are needed to grow economy. Those are, Democracy, Demography, and Demand. He said, “If you see around the world, there are very few countries where you can see these 3 important factors of the economy together. Prime Minister Modi added that the relations between India and South Korea date back centuries.
PM Modi also emphasized the tradition of the two nations. He said, “We are also bound by our similar Buddhist traditions. Bengal’s Nobel laureate Rabindranath Tagore composed poem ‘Lamp of the East’ in the year, 1929 about South Korea’s glorious past and its bright future”. According to him, “This is also the coincidence that these two nations celebrate their independence day on the same day on 15th August. From Poetry to Princess and from Bollywood to Buddha both the countries have so much in common”.
