India and South Korea Trade Relations on an Upward Swing

India shares cordial relations with South Korea sinceIndia's major imports from Korea: Auto parts including
1962. However, the presence of South Koreanengines, ships/tankers, iron and steel products,
President Lee Myung-bak, as the Chief Guest for thefertilizers, footwear, ships and chemicals.
January 26 Republic Day celebrations will furtherRepublic of Korea exports grew at 36% reaching a
strengthen the ties between the two nations.total amount of US$8.9 billion. In 2001, the total trade
Looking back, it was in 1973 that India establishedstood at US$2.52 billion, seven years later it has
Ambassador level relations with South Korea. Sinceincreased almost 6 times and as per ROK estimates
then ties between both countries have been growingstands at US$15.5 billion. However, it was during the
at a gradual pace. However, with liberalization of Indianlast two years the trade graph has shown a steep
economy in 1991, India opened its doors to MNCs, andupward curve i.e. over 100 percent.
Korean companies were the first to venture into theTourism and Cultural ties
Indian markets. Very soon Korean companies like LG,A tourism agreement was signed between India and
Samsung, Daewoo and Hyundai have made theirSouth Korea in 1993, in an attempt to give a fresh
presence felt in a major way in India. The significantimpetus to tourism and cultural exchanges between
success of these companies has seen large numberboth the countries. In fact number of festival and
of companies waiting to embark into the Indiancultural events has been organized in South Korea in
markets.an endeavor to educate the masses about India's
The subsequent years have witnessed moredeep rooted cultural traditions. A 55 strong Indian
broad-based relations between both the nations.contingent of performing arts had recently visited
Rapidly growing trade and investment flow apparentlySouth Korea to participate in the 3rd Delphic Games.
form the basis of bilateral cooperation between theEducation
two nations.The number of Indian students enrolling in Korean
The visit by an Indian President Abdul Kalam to SouthUniversities is on the rise. For that matter even Korean
Korea in 2006 gave further boost to the trade relationstudents seem interested in coming to India and pursue
between the two states. It was first-ever visit by anfurther education in premier technical institutions like IITs.
Indian President to the Republic of Korea which sawJawaharal Nehru University and Delhi University have
signing of a Comprehensive Economic Partnershipeven launched special Korean Studies and Korean
Agreement.Language courses. Likewise, two South Korean
TradeUniversities have also come up with Indian Studies
The two-way trade relations between two countriesDepartment.
gathered momentum in the recent years. Despite theNon-Resident Indians in South Korea
hullabaloo around recession globally, the trade betweenThere are around 6000 non-resident Indians in South
the two nations have been growing from strength toKorea. They include businessmen, IT professionals,
strength. In the year 2008, bilateral trade grew byscientists, research fellows, students and workers.
almost 39 percent. The same year, Korean importsThere are about 150 businessmen dealing mainly in
clocked a growth of almost 42 percent, which weretextiles, over 1000 IT professionals and engineers, 600
recorded at US$6.5 billion.hundred scientists/post doctoral research scholars.
India's major Exports to Korea: Naphtha (US$3.88 billionUSP of South Koreao Refereed to as the most
worth), iron and steel, oil seeds residue and cattle feed.innovative country in the world with largest number of
Even AC generators, photo-sensitive semi-conductorspatents attached to its name.o World's largest maker
and chemical products etc have been graduallyof LCD, plasma display, OLED and CRT displays.
catching the fancy of the Koreans.