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India - Korea Relations

India-Republic of Korea relations have made great strides in recent years and has become multifaceted, spurred by a significant convergence of interests, mutual goodwill and high-level exchanges. The ever-expanding canvas of their economic partnership has lead to the strengthening of cooperation in sectors such as energy, electronics and shipbuilding.

Commercial Relations

Foreign Direct Investment

The Republic of Korea is the 13^th largest FDI investor in India, investing $5.4 bn (South Korea) from April 2000 - March 2023. Metallurgy, automobile, electronics, prime movers, machine tools, hospitals and diagnostic centres are the top sectors which attracted the investment.

Trade (Import & Export)

Imports from Korea were valued at US $ 21.2 bn and exports at $ 6.6 bn during 2022-23. Electronic components, plastic raw materials, and iron and steel products are key areas for imports while aluminum ingots, telephone parts, integrated circuits, and personal computers form the bulk of exports.

Investment in Startups

Invest India and Korean SMEs and Startups Agency (KOSME) signed an MoU in April 2021 to formalise their engagement to support both countries’ Startups, SMEs and VC ecosystems through investor matchmaking, mentorship and networking opportunities and organising joint events related to FDI.

Bilateral Relations

India-Korea Startup Hub

In 2019, Prime Minister of India inaugurated the ‘India-Korea Startup Hub’ to increase cooperation in fields of research, innovation and entrepreneurship. Six MoU's were also signed between the two nations to strengthen collaboration between their law enforcement agencies and to promote bilateral cooperation in road and transport infrastructure development.

Indo-Korean Friendship Park

The first Indo-Korean Friendship Park was jointly inaugurated in Delhi on 26 March 2021 by Mr Suh Wook, Hon'ble Minister of National Defence, Republic of Korea and Shri Rajnath Singh, Hon’ble Defence Minister of India as a symbol of the relations between the two countries.

Investment in Startups

With the visit of the Prime Minister of India to Korea in 2015, the bilateral relations were upgraded to a ‘Special Strategic Partnership’. Korean President Moon Jae-In’s ‘New Southern Policy’ compliments India’s ‘Act East Policy’ as both seek to strengthen economic relations between the two nations.