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

Uganda Court Annuls Anti-Gay Law

Court says law was passed in parliament without enough members present for a full quorum More

Multimedia Thailand Makes Efforts to Improve Conditions for Migrant Laborers

In Thailand, its not uncommon for parents to bring their children to work; one company, in-collaboration with other organizations, address safety concerns More

In Indonesia, Jihad Video Raises Concern

Video calls on Indonesians to join Islamic State of Iraq and the Levant, ISIL 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.
In Thailand, Some Efforts to Improve Conditions For Migrant Laborersi
X
Steve Herman
August 01, 2014 6:22 PM
Thailand has been facing increasing international scrutiny as a hub of human trafficking and slave labor. Some of the kingdom’s companies are striving to improve working conditions, especially for the millions of migrant laborers from surrounding countries. VOA Correspondent Steve Herman in Bangkok takes a look at one initiative for children at construction sites
Video

Video In Thailand, Some Efforts to Improve Conditions For Migrant Laborers

Thailand has been facing increasing international scrutiny as a hub of human trafficking and slave labor. Some of the kingdom’s companies are striving to improve working conditions, especially for the millions of migrant laborers from surrounding countries. VOA Correspondent Steve Herman in Bangkok takes a look at one initiative for children at construction sites
Video

Video Public Raises its Voice on Power Plant Pollution

In the United States, proposed rules to cut pollution from the nation’s 600 coal-fired power plants are generating a heated debate. The U.S. Environmental Protection Agency, charged with writing and implementing the plan, has already received 300,000 written comments. As VOA’s Rosanne Skirble reports, another 1,600 people are lining up this week at EPA headquarters and at satellite offices around the country to give their testimony in person.
Video

Video Information War Rages Alongside Real One in Ukraine

The downing of the Malaysian airliner two weeks ago, and allegations that Russians are shelling Ukrainian troops across the border, have moved the information war swirling around the Ukrainian conflict to a new level. VOA's Al Pessin reports from Kyiv.
Video

Video When Fighting Eases, Gazans Line Up at Bakeries

When there is a lull in the conflict in Gaza, residents who have been hunkered down in their apartments rush out to stock up on food and other necessities. Probably the most important destination is the local bakery. VOA’s Scott Bobb reports from Gaza City.
Video

Video China Investigates Powerful Former Security Chief

The public in China is welcoming the Communist Party's decision to investigate one of the country's once most powerful politicians, former domestic security chief Zhou Yongkang. Analysts say the move by President Xi Jinping is not only an effort to win more support for the party, but an essential step to furthering much needed economic reforms and removing those who would stand in the way of change. VOA's Bill Ide has more from Beijing.
Video

Video US-Funded Program Offers Honduran Children Alternative to Illegal Immigration

President Obama and Central American leaders recently agreed to come up with a plan to address poverty and crime in the region that is fueling the surge of young migrants trying to illegally enter the United States. VOA’s Brian Padden looks at one such program in Honduras - funded in part by the United States - which gives street kids not only food and safety but a chance for a better life without, crossing the border.
Video

Video 'Fab Lab' Igniting Revolution in Kenya

The University of Nairobi’s Science and Technology Park is banking on 3-D prototyping to spark a manufacturing revolution in the country. Lenny Ruvaga has more for from Nairobi's so-called “FabLab” for VOA.
Video

Video Immigrant Influx on Texas Border Heats Up Political Debate

Immigrants from Central America continue to cross the U.S.-Mexico border in south Texas, seeking asylum in the United States, as officials grapple with ways to deal with the problem and provide shelter for thousands of minors among the illegal border crossers. As VOA's Greg Flakus reports from Houston, the issue is complicated by internal U.S. politics and U.S. relations with the troubled nations that immigrants are fleeing.

AppleAndroid