India shares cordial relations with South Korea since 1962. Nevertheless, the presence of South Korean President Lee Myung-bak, because the Chief Visitor for the January 26 Republic Day celebrations will additional strengthen the ties between the 2 nations.
Trying again, it was in 1973 that India established Ambassador degree relations with South Korea. Since then ties between each nations have been rising at a gradual tempo. Nevertheless, with liberalization of Indian economic system in 1991, India opened its doorways to MNCs, and Korean corporations have been the primary to enterprise into the Indian markets. Very quickly Korean corporations like LG, Samsung, Daewoo and Hyundai have made their presence felt in a serious means in India. The numerous success of those corporations has seen giant number of corporations ready to embark into the Indian markets kpop.
The next years have witnessed extra broad-based relations between each the nations. Quickly rising trade and funding movement apparently kind the premise of bilateral cooperation between the 2 nations.
The go to by an Indian President Abdul Kalam to South Korea in 2006 gave additional increase to the trade relation between the 2 states. It was first-ever go to by an Indian President to the Republic of Korea which saw signing of a Complete Financial Partnership Settlement.
Trade
The 2-way trade relations between two nations gathered momentum within the current years. Regardless of the hullabaloo round recession globally, the trade between the 2 nations have been rising from energy to energy. Within the yr 2008, bilateral trade grew by virtually 39 p.c. The identical yr, Korean imports clocked a development of just about 42 p.c, which have been recorded at US$6.5 billion.
India’s main Exports to Korea: Naphtha (US$3.88 billion value), iron and metal, oil seeds residue and cattle feed. Even AC mills, photo-sensitive semi-conductors and chemical products and so on have been steadily catching the flamboyant of the Koreans.