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India South Korea Agreement 22 Feb 2019

4. The state visit of APJ President Abdul Kalam to RoK in February 2006 brought a new dynamic phase into india`s relations with roK. In particular, it led to the creation of a joint task force for the conclusion of a Comprehensive Bilateral Economic Partnership Agreement (CEPA), which came into force on 1 January 2010. President Lee Myung-bak made an orientation visit to India as a hereditary guest during the Republic of India Day celebrations on 26 January 2010, when bilateral relations were brought to the level of strategic partnership. President Smt. Pratibha Devisingh Patil`s state visit to RoK visited RoK from 24 to 27 July 2011, when the nuclear energy cooperation agreement was signed. Prime Minister Manmohan Singh made an official visit to Seoul on 24 and 27 March 2012 for both the bilateral summit and the nuclear security summit, when the visa simplification agreement was signed. President Park Geun-hye`s state visit to India from 15 to 18 January 2014 has traditionally brought close bilateral relations to a higher level. Printed version 10.12.2020 7:02:33 p.m. 14. India and South Korea have launched a “Korea Plus” initiative, as proposed by Prime Minister Modi in India in June 2016, to promote and facilitate Korean investment in India. In September 2019, a centre for SMEs and start-ups in Korea India was established.

17. In 2018, Korea`s investment in India exceeded $1 billion for the first time, recording $1.053 billion. The total of Korea`s FDI for India up to September 2019 is $6.29 billion. India`s investments in Korea amount to about $3 billion, led by Tata Daewoo, Ssangyong and Novelis. In total, more than 603 large and small Korean companies are present in India. Novelis, a subsidiary of Hindalco, acquired a Korean aluminum company by investing approximately $600 million (its total investment in RoK currently stands at nearly $2 billion). Mahindra-Mahindra acquired the majority of SsangYong Motors, the country`s fourth-largest automaker, in March 2011, with an investment of approximately $360 million. Tata Motors acquired daewoo Commercial Vehicle Company in March 2004 for $102 million.

Other Indian companies in India are it-major, Indian Overseas Bank etc. On January 13, 2016, the State Bank of India opened a branch in Seoul to provide a wide range of services, including lending and project financing services to Korean and Indian companies. Another agreement was signed to issue a common stamp recalling Princess Suriratna (Queen Hur Hwang-ok), a legendary princess of Ayodhya who left for Korea in 48 AD and married King Kim-Suro. Many Koreans attribute their ancestry to the princess. 9. Following the visit of the Mayor of Seoul to Delhi, the Prime Minister of Delhi, Arvind Kejriwal, visited Seoul from 12 to 15 September, discussed cooperation between Seoul and New Delhi and concluded an agreement on the twin city.

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