India And Korea The Emerging Power of The World

From decades the United States has been the largest economy in the world. But nowadays a major shift has taken place as the weight of the world economy has shifted from the rich countries of Europe and the US to India and China.

After Recession, economists proclaimed that in coming future India and China will become economic superpowers in the world. In the emerge of India as superpower Korea plays a vital role. It is Korea who has trusted India during its economic reform without thinking that there is no readymade market in 1991unlike other countries. It s overseas consumer companies Samsung and LG were first that understand India’s complex market. Posco’s steel plant project in Orissa and Hyundai‘s small-car manufacturing and exporting helped India to overtook China as a main automobile exporter.

These noteworthy acts of economic faith differentiate Korea from other foreign investors in the country. That is so India exports its raw goods to Korea and gives service sector help.

The cooperation between these two countries help them to create “Fusion Economy” which make them master not only in manufacturing but also in service sector of intangible component of a products.

These two countries have also expanded cooperation in non economic areas Your browser may not support display of this image. such as international and regional affairs like G-20, UN, East Asia Summit, Nuclear proliferation activities and ASEM, etc.

Korea and India both are globalized countries that are so multicultural societies are stepping in Korea and India that is so we enjoy cuisine, dresses and culture of Korea and vice versa. But the transformation of this bilateral relationship does not develop in a single day or year but it is based on long historical ties, shared belief in democratic values, Political and strategic interests and market economy.

India’s invitation to the president of Korea MR Lee Myung- Bak is an honor to Korea for their cooperation and help. This will expand political as well as cultural relationship and mark a new era in the strategic partnership between Korea and India.