Noticeable Surge In Business Between Korea And India

By Author: Biz And Korea
Total Articles: 3
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India shares good relation with South Korea since 1962. Nonetheless, South Korean President Moon Jae-in will further strengthen the bonding between the two countries.

If we look back, it was 1973 when India established Ambassador level relations with South Korea. Since then the relation between both the countries has been growing gradually. Nevertheless, with the liberalization of the Indian economy in 1991, India opened the door for MNC companies, and business Korea was the first to venture into the Indian markets. Many Korean companies such as Hyundai, Samsung, and LG have made their presence felt in a major way in India. The substantial success of these companies has made many other companies embark on the Indian markets.

The following years have witnessed more business partner Korea relations between both the countries. Rapidly growing business and investment flow obviously form the base of the bilateral cooperation between the two countries.

The visit of Former Indian President Abdul Kalam ...
... to South Korea in 2006 further boosted the business relationship between the two nations. It was the very first visit by an Indian president to the Republic of Korea which witnessed the signing of a detailed Economic Partnership Agreement.

Business

The two-way relation as a Korean partner between India and Korea gained momentum in the last few years. In spite of the turmoil around the pandemic all over the world, the business between the two countries has been ever-growing. In the year 2008, a bilateral business grew by almost 39 percent. In the same year, chemical products and semi-conductors, etc have been gradually drawing the attention of the Koreans.

The major imports of India are from Korea. Automobile parts comprise chemicals and ships, footwear, fertilizers, iron and steel products, tankers, and engines.

Cultural Ties and Tourism

A tourism agreement was signed between South Korea and India in 1993. In an attempt to give a fresh impulse to cultural and tourism exchanges between both countries, various cultural events and festivals have been organized in South Korea in an attempt to enlighten the masses about the deep-rooted cultural traditions of India.

Education

The number of Indian students enrolling in Korean universities is on the surge. For that matter, even Korean students appear interested in coming to India and chase further education in premier technical institutes. Similarly, two South Korean universities have also come up with an Indian studies department.

NRIs in South Korea

There are more than 6000 non-resident Indians in South Korea. They comprise businessmen, scientists, IT professionals, research fellows, workers, and students.

Top qualities of South Korea

• Recommended as the most creative country in the world with the biggest number of patients attached to its name

• World’s largest manufacturer of LCD and CRT displays

• Among the top countries speaking of Human Development Index