South Korean President Moon Jae-in’s visit to India from (8-11)th July, 2018

On July 8, 2018, South Korean President Moon Jae-in arrived in New Delhi on a four day visit to India from June 8-11, 2018.
South Korean President Moon Jae-in’s visit to India

  • He is being accompanied by First Lady Kim Jung-sook on his maiden visit to the nation.
  • They were received by Minister of State for External Affairs V K Singh.
  • This is President Moon’s first-ever state visit to India after he took over as the President last year.

South Korean President Moon Jae-in visits Akshardham temple

  • On July 8, 2018,  President Moon Jae-in , accompanied by his wife Kim Jung-sook, kicked-off his India tour with a visit to the Akshardham temple .
  • The Korean President called it  as the ‘World’s Largest Comprehensive Hindu Temple’.

President Moon along with Prime Minister Narendra Modi visited the Gandhi Smriti
On July 9, 2018, Prime Minister Narendra Modi and South Korean President Moon Jae-in visited Gandhi Smriti to pay tribute to Mahatma Gandhi.
About Gandhi Smriti:
Gandhi Smriti is a museum dedicated to Mahatma Gandhi, situated on Tees January Road in the capital. It is the location where Mahatma Gandhi spent the last 144 days of his life and was assassinated on January 30, 1948.

President Moon attended the India-Korea business forum
On July  9, 2018, Korean President spoke at the India-Korea Business Forum. This was organized by the Federation of Indian Chambers of Commerce and Industry.

  • Major Koren companies like Samsung, Hyundai and LG. attended the meeting.
  • They have been suggested to expand the $2.7-billion worth of investment they have in the country, mostly in the automobile and engineering sectors.

India, Korea should join hands for industrial revolution 4.0
On July 9, 2018 India and South Korea have decided to join forces to work towards Industrial Revolution 4.0.

  • India and Korea are expanding the horizon of cooperation with countries in the region via India’s Act East Policy and South Korea’s New Southern Policy.
  • This can be achieved by forming the Korea-India Future Vision Strategy Group.
  • Joint research and exchanges of talented people will likely b e expanded in the areas of ICT, software, biotech, cyber sec urity, healthcare, energy as well as future cars and space development.
  • India also signed a civil nuclear agreement with Korea, which is yet to be operational.

PM, Korean President, inaugurate world’s largest mobile factory in Noida

  • On July 9,2018,  Prime Minister Narendra Modi and South Korean President, Moon Jae-in, jointly inaugurated Samsung’s 35-acre plant in Sector 81, Noida, Uttar Pradesh.
  • Samsung had invested Rs 4,915 crore for the Noida plant. This new unit is also expected to create employment for more than 5000 people.

Samsung:
♦ Founder:  Lee Byung-Chul.
♦ Origin Country: Seoul, South Korea.

India, South Korea sign agreements on trade and commerce
On July 9, 2018Union Commerce and Industries Minister Suresh Prabhu and South Korean Trade Minister Kim Hyun-Chong signed agreements on trade and commerce.

  • Both the leaders (South Korean President and Prime Minister Modi) visited Samsung’s manufacturing site which is expected to produce 10 million units of mobile phones per month by 2020 under the ‘Make in India’ policy.
  • India and South Korea held discussions to reduce duties on 11 tariff lines in a bid to expand bilateral trade by updating their existing free-trade agreement called the comprehensive economic partnership agreement (CEPA). 
  • The two countries arrived at the final tariff lines after intense negotiations in which South Korea offered to reduce tariffs on 17 lines.
  • The revised CEPA was signed in the presence of South Korean President Moon Jae-in, who is on a four-day visit to India.
  • South Korea’s main items of export to India include automobile parts, telecommunication equipment, hot-rolled iron products, petroleum refined products, base lubricating oils, nuclear reactors, mechanical appliances, electrical machinery and parts, and iron and steel products.
  • Apart from CEPA, agreements on cooperation in railways healthcare, telecommunications and cyber security were also signed.
  • Prime Minister Modi will also hold official talks with the South Korean President at Hyderabad House.

Other MoUs signed between the dignitaries:

  • MOU on trade remedies for cooperation in the areas like anti-dumping, subsidy, countervailing and safeguard measures through consultations and exchange of information through establishment of a Cooperation Committee comprising government officials and domain experts.
  • A pact between the Research Design and Standards Organisation (RDSO) and the Korea Railroad Research Institute (KRRI) was signed for cooperation in railway research, exchange of railway-related experience and development of railway industries.

Background:
In 2017-18, India exported goods worth $4.4 billion to South Korea while imports from the latter were worth $16.3 billion.
South Korea imposes quantitative restrictions on sesame imports and levies a whopping 630% duty on Indian sesame, which India wants reduced.

India and Korea to work towards the goal of raising bilateral trade to US $50 billion by 2030.

  • On July 10,2018, Through the signing of 11 trade agreements India and South Korea intends to expand business ties and more than double mutual trade to $50 billion by 2030.
  • Bilateral trade between the world’s seventh and 11th largest economies rose by nearly a quarter to $20.8 billion in the 2017/18 fiscal year that ended in March, with $16.4 billion of that in favour of South Korea.

India-Korea Technology Exchange Centre Inaugurated
On July 10,2018, The India-Korea Technology Exchange Centre was Inaugurated by the Minister of State (I/C) MSME Giriraj Singh and Minister of SMEs and Start-ups of Republic of Korea, Hong Jong-hak today in New Delhi.

  • The India-Korea Technology Exchange Centre has been established at the National Small Industries Corporation  premises in New Delhi.
  • The objective is to create a platform for micro, SMEs of India and Korea where they can identify and exchange latest technologies, share management expertise, product development and technology applications for product development.
  • The Technology Centre will also work towards building reliable alliances in Space, Solar Energy, Nano technologies and some other upcoming technologies.
  • It will work towards identifying Indian technologies which can be exported to Korea and find suitable Korean partners for the same, initiating various cooperative MSME projects.
  • Technology Data Bank from each side to encourage technology transfers,  production of high quality products in India and encouraging Joint Ventures and business matching between Indian and Korean SMEs.

NSIC signs MOU with Small Business Corporation (South Korea)
On July 10,2018, NSIC signed MOU with Small Business Corporation of South Korea on the inaugural day of The India-Korea Technology Exchange Centre.

  • MoU was signed  between the Small Business Corporation (SBC) of Korea and the NSIC for cooperation in the field of MSME Sector.
  • The SBC will mobilise the South Korean MSMEs for technical and business alliances with their counterparts in India and organise partner matching events in Korea for Indian delegations.

India, S Korea discuss capacity building in Afghanistan

  • On July 10,2018, Discussions on  capacity building programmes of India and South korea in Afghanistan took place .
  • The idea is in the discussion stage and both the parties intend to do so with not only Afghanistan but also other partners.

Other Announcements:

  • An MoU regarding the Queen Suriratna Memorial Project was inked to facilitate upgradation and expansion of the existing monument commemorating Princess Suriratna (Queen Hur Hwang-ok).
  • The legendary Princess of Ayodhya went to Korea in 48 AD and married King Kim-Suro.
  • An agreement on the Cultural Exchange Programme for the period 2018-2022 was signed to deepen cultural and people-to-people relations by providing for institutionalised cooperation in fields of music and dance, theatre, art exhibitions, archives, anthropology, mass media programmes and museum exhibits.

South Korea:
♦ Capital: Seoul.
♦ Currency: South Korean Won.