The Prime Minister of India recently undertook a diplomatic visit to the Republic of Korea, more commonly known as South Korea. The high-profile visit saw the Prime Minister receive the prestigious Seoul Peace Prize and was also marked by the signing of several agreements and memorandums of understanding (MoU).
Agreements and Memorandums of Understanding
The visit yielded numerous MoUs. Among these were the release of a commemorative postal stamp dedicated to Queen Hur (Suriratna). Suriratna was an iconic Princess from Ayodhya who journeyed to Korea in AD 48 and became the wife of King Kim-Suro.
Additionally, an MoU was signed to further support ‘Korea Plus’. Established in June 2016, this entity encourages and facilitates investments by Korean companies in India. Operated by representatives from the Ministry of Industry, Trade, and Energy of South Korea, the Korea Trade-Investment and Promotion Agency (KOTRA), and Invest India, it will continue its operations under the new agreement.
Other MoUs were signed covering areas such as Start-up Cooperation, Broadcasting Cooperation, and Infrastructure Development in transport and roads. There was also an emphasis on combating transnational crime and developing police cooperation.
The Seoul Peace Prize
Offered biennially, the Seoul Peace Prize was first established in 1990 as a remembrance to the success of the 24th Olympic Games held in Seoul. The award is dedicated to individuals who have significantly contributed to peace, harmony among mankind, and reconciliation between nations.
Political and Economic Relations between India and South Korea
Since the Korean War in the early 1950s, India and South Korea have shared significant political ties. An important event was the cease-fire agreement that period, largely facilitated by India. In January 2010, the relationship was lifted to a Strategic Partnership level and further upgraded to a ‘special strategic partnership’ in May 2015.
The current trade between the two nations amounts to USD 21 billion. An ambitious goal has been set to increase this to USD 50 billion by 2030. Operation ‘Korea Plus’, under ‘Invest India’, plays a principal role in attracting investment from Korea.
Cultural Ties
Cultural ties between India and South Korea have historical roots. Korean Buddhist Monk Hyecho’s visit to India in the mid 8th century CE is well documented. His travelogue gives a rich account of Indian culture, political structure, and society during that era. Rabindranath Tagore, the Indian Nobel laureate, composed a poignant poem in 1929 titled ‘Lamp of the East’, expressing admiration for Korea’s past glory and optimism about its future.
Key Statistics
| Year | Bilateral Trade (USD Billion) |
| 2021 (current) | 21 |
| 2030 (target) | 50 |
Buddhist Linkages
Religious bonds formed an important part of the visit’s discourse. Buddhism, which has followers in both India and South Korea, served as a common thread, reinforcing the cultural connection between the two nations. A sapling of the sacred Bodhi Tree, a symbol of enlightenment in Buddhism, was gifted by India to South Korea during the visit.