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Indo-South Korea relations has been relatively limited, although much progress arose during the three decades. Since the formal establishment of the diplomatic ties between two countries in 1973, several trade agreements have been reached: Agreement on Trade Promotion and Economic and Technological Cooperation in 1974; Agreement on Cooperation in Science & Technology in 1976; Convention on Double Taxation Avoidance in 1985; and Bilateral Investment Promotion/ Protection Agreement in 1996. Trade between the two nations has increased exponentially, exemplified by the $530 million during the fiscal year of 1992-1993, and the $10 billion during 2006-2007.[1] During the 1997 Asian financial crisis, South Korean businesses sought to increase access to the global markets, and began trade investments with India.[1] The last two presidential visits from South Korea to India were in 1996 and 2006,[2] and the embassy works between the two countries are seen as needing improvements.[3]. Recently, there have been acknowledgments in the Korean public and political spheres that expanding relations with India should be a major economical and political priority for South Korea. Much of the economic investments of South Korea have been drained into China;[4] however, South Korea is currently the fifth largest source of investment in India.[5] To the Times of India, President Roh voiced his opinion that cooperation between India's software and Korea's IT industries would bring very efficient and successful outcomes.[2] The two countries agreed to shift their focus to the revision of the visa policies between the two countries, expansion of trade, and establishment of free trade agreement to encourage further investment between the two countries. Korean companies such as LG and Samsung have established manufacturing and service facilities in India, and several Korean construction companies won grants for a portion of the many infrastructural building plans in India, such as the "National Highway Development Project".[5] Tata Motor's purchase of Daewoo Commercial Vehicles at the cost of $102 million highlights the India's investments in Korea, which consist mostly of subcontracting.[5]
[edit] Pre-modern relations
This cordial relationship between the two countries extends back to 48AD, when Queen Suro, or Princess Heo, travelled from the kingdom of Ayodhya to Korea[6]. According to the Samguk Yusa, the princess had a dream about a heavenly king who was awaiting heaven's anointed ride. After Princess Heo had the dream, she asked her parents, the king and queen, for permission to set out and seek the man, which the king and queen urged with the belief that god orchestrated the whole fate.[7] Upon approval, she set out on a boat, carrying gold, silver, a tea plant, and a stone which calmed the waters.[6] Archeologists discovered a stone with two fish kissing each other, a symbol of the Gaya kingdom that is unique to the Mishra royal family in Ayodhya, India. This royal link provides further evidence that there was an active commercial engagements between India and Korea since the queen's arrival to Korea.[6] Current descendents live in the city of Kimahe as well as abroad in America's state of New Jersey and Kentucky.
[edit] References
- ^ a b IDSA publication
- ^ a b Blue House commentary
- ^ Joong-ang Daily News article
- ^ Chosun news article
- ^ a b c FICCI info
- ^ a b c NDTV article
- ^ Iryeon, pp. 161-164. (tr. by Ha Tae-Hung & Grafton K. Mintz) (1972). Samguk Yusa. Seoul: Yonsei University Press. ISBN 8971410175.
[edit] See also
