News / Asia

India, South Korea to Establish Strategic Partnership

The South Korean leader said the decision by both countries to establish a strategic relationship is a 'significant development,' and will help peace and stability in Asia.

India and South Korea will establish a strategic partnership, as both countries scale up their political and economic relationship. The decision was announced during a visit by the South Korean President to India.   

On Tuesday, South Korean President Lee Myung-bak was the guest of honor at a parade held in New Delhi to mark India's 61st Republic Day.  It is an honor India usually reserves for close allies.

Earlier, the South Korean leader said the decision by both countries to establish a strategic relationship is a "significant development," and will help peace and stability in Asia.

President Lee Myung-bak says South Korea is only the ninth country with which India is establishing a strategic partnership.

The decision to upgrade ties was announced after talks between the South Korean leader and Indian Prime Minister Manmohan Singh, Monday. 

Both countries are exploring collaborating in a host of areas.

The South Korean president has offered to help India build nuclear power plants and will begin negotiations on a civil nuclear agreement. They will also look at the possibility of cooperation in the manufacture of defense equipment. 

South Korea was a key country supporting the lifting of a three-decade embargo on civil nuclear trade with India. 

Both countries have set a goal of doubling trade by 2014 to $30 billion.  Many South Korean companies already have a significant presence in India and are scaling up investments to benefit from India's huge domestic market.

The South Korean president's visit to the country is weeks after a free-trade agreement between the two countries came into force.  South Korea is the second Asian country, after Singapore, with which India has signed a free-trade pact.

President Lee says the agreement underscores his country's desire to build closer economic ties with India.

Indian Commerce Minister Anand Sharma says the growing economic ties between the two countries will help in the integration of Asia. 

"We view this as an important requirement," he said. "Though the regional economic communities have come up, but - unlike Americas and Europe - Asia still has to catch up when it comes to economic integration."

Several Asian economies, such as India and South Korea, have been relatively less affected by the global economic slowdown.  As their traditional markets in the West may take longer to revive from the slowdown, they are looking to expand trade in the region to keep their economies humming.  India and South Korea are Asia's third and fourth largest economies - behind China.

You May Like

China Investigates Former Powerful Security Chief

Former security chief and member of Politburo Standing Committee, Zhou Yongkang, under investigation for suspected 'serious disciplinary violation' More

India, US Look to Reset Ties During Kerry Visit

This week's talks will be first high level interaction between two countries since Prime Minister Narendra Modi took charge More

Video Young African Leadership Program Renamed to Honor Mandela

YALI program, launched by President Obama in 2010, aims to build skills in business, entrepreneurship, public management and civic leadership More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Vietnamese Staging Chinese Product Boycott After Oil Rig Spati
X
Reasey Poch
July 28, 2014 7:18 PM
China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video ESA Spacecraft to Land on a Comet

After a long flight through deep space, a European Space Agency probe is finally approaching its target -- a comet millions of kilometers away from earth. Scientists say the mission may lead to some startling discoveries about the origins of the water on earth. VOA’s George Putic has more.
Video

Video Young Africans Arrive in US for Leadership Program

President Barack Obama's Young African Leadership Initiative has brought hundreds of young Africans to the United States for a six-week program aimed at building their knowledge and skills in fields such as public administration and business. Out of the 50,000 young Africans who applied for the program, just one percent was accepted. VOA's Laurel Bowman caught up with some of those who made the cut and has this report.
Video

Video In Honduras, Amnesty Rumors Fuel US Migration Surges

False rumors in Central America are fueling the current surge of undocumented young people being apprehended at the U.S. border. The inaccurate claims suggest the U.S. will give amnesty to young migrants from the region. As VOA's Brian Padden reports from Honduras, these rumors trace back to President Obama's 2012 executive order to halt deportations for some young undocumented immigrants already living in the United States.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.

AppleAndroid