Concept

India–South Korea relations

Summary
India–South Korea relations are the bilateral relations between India and South Korea. Formal establishment of diplomatic ties between the two countries occurred in 1973. Since then, several trade agreements have been reached: Agreement on Trade Promotion and Economic and Technological Co-operation in 1974; Agreement on Co-operation 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 greatly, from 530millionduringthefiscalyearof19921993,tobillionduring20062007.ItfurtherincreasedtoUS530 million during the fiscal year of 1992-1993, to billion during 2006-2007. It further increased to US17.6 billion in the year 2013. India-RoK relations have made great strides in recent years and have become truly multidimensional, spurred by a significant convergence of interests, mutual goodwill and high level exchanges. South Korea is currently the fifth largest source of investment in India. Korean companies such as LG, Samsung and Hyundai have
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