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.

TEXT SIZE - +

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

Photogallery Pope's Easter Prayer: Peace in Ukraine, Syria

Pontiff also calls for end to terrorist acts in Nigeria, violence in Iraq, and success in peace talks between Israelis and Palestinians More

Abdullah Holds Lead in Afghan Presidential Election

Country's Election Commission says that with half of the ballots counted, former FM remains in the lead with 44 percent of the vote More

Russia-Ukraine Crisis Could Trigger Cyber War

As tensions between Kyiv and Moscow escalate, so too has frequency of online attacks targeting government, news and financial sites 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.
Ukraine, Russia, United in Faith, Divided in Politicsi
X
Michael Eckels
April 19, 2014
There is a strong historical religious connection between Russia and Ukraine. But what role is religion playing in the current conflict? In the run-up to Easter, Michael Eckels in Moscow reports for VOA.
Video

Video Ukraine, Russia, United in Faith, Divided in Politics

There is a strong historical religious connection between Russia and Ukraine. But what role is religion playing in the current conflict? In the run-up to Easter, Michael Eckels in Moscow reports for VOA.
Video

Video Face of American Farmer is Changing

The average American farmer is now 58 years old, and farmers 65 and older are the fastest growing segment of the population. It’s a troubling trend signaling big changes ahead for American agriculture as aging farmers retire. Reporter Mike Osborne says a new report from the U.S. Census Bureau is suggesting what some of those changes might look like... and why they might not be so troubling.
Video

Video Donetsk Governor: Ukraine Military Assault 'Delicate But Necessary'

Around a dozen state buildings in eastern Ukraine remain in the hands of pro-Russian protesters who are demanding a referendum on self-rule. The governor of the whole Donetsk region is among those forced out by the protesters. He spoke to VOA's Henry Ridgwell from his temporary new office in Donetsk city.
Video

Video Drones May Soon Send Data From High Seas

Drones are usually associated with unmanned flying vehicles, but autonomous watercraft are also becoming useful tools for jobs ranging from scientific exploration to law enforcement to searching for a missing airliner in the Indian Ocean. VOA’s George Putic reports on sea-faring drones.
Video

Video New Earth-Size Planet Found

Not too big, not too small. Not too hot, not too cold. A newly discovered planet looks just right for life as we know it, according to an international group of astronomers. VOA’s Steve Baragona has more.
Video

Video Copts in Diaspora Worry About Future in Egypt

Around 10 percent of Egypt’s population belong to the Coptic faith, making them the largest Christian minority in the Middle East. But they have become targets of violence since the revolution three years ago. With elections scheduled for May and the struggle between the Egyptian military and Islamists continuing, many Copts abroad are deeply worried about the future of their ancient church. VOA religion correspondent Jerome Socolovsky visited a Coptic church outside Washington DC.
Video

Video Critics Say Venezuelan Protests Test Limits of Military's Support

During the two months of deadly anti-government protests that have rocked the oil-rich nation of Venezuela, President Nicolas Maduro has accused the opposition of trying to initiate a coup. Though a small number of military officers have been arrested for allegedly plotting against the government, VOA’s Brian Padden reports the leadership of the armed forces continues to support the president, at least for now.
Video

Video More Millenials Unplug to Embrace Board Games

A big new trend in the U.S. toy industry has more consumers switching off their high-tech gadgets to play with classic toys, like board games. This is especially true among the so-called millenial generation - those born in the 1980's and 90's. Elizabeth Lee has more from an unusual café in Los Angeles, where the new trend is popular and business is booming.
Video

Video Google Buys Drone Company

In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
AppleAndroid