The Ambassador of the Republic of Korea, Mr Cho Hyun, thinks his country can really be a good growth model for developing India.
Delivering a lecture at Observer Research Foundation, Delhi on “Expanding dimensions of India-Republic of Korea partnership”, Mr Hyun said Korea can act as a role model for India in the area of economic development.
Pointing out democracy as a common ground between the two countries, India could thus learn from and also follow the path of economic development that led to South Koreas economic miracle, Mr Hyun said.
He said the manufacturing industry in India could grow further. Companies like Hyundai and Samsung have a towering presence in India. With over 200,000 cars exported to India and over 7,000 Indian technicians employed respectively, South Korea is a vital economic-ally for India.
Republic of Korea has been one of the major and the oldest economic partners of India, by being among the first few countries to invest in the Indian economy post its economic liberalization in the early 1990s.
The event, on April 26, 2016, was chaired by Mr Sunjoy Joshi, Director, ORF. Highlighting the deep cultural ties being shared by India and Republic of Korea since 1973, Mr Joshi said the South Korean government has put its faith in the Indian economic system and the two countries have witnessed rapid changes in their interactions in a very short time. He also highlighted that the NDA government transformed the ‘Look East’ policy to ‘Act East’ policy, thereby upgrading the bilateral partnership to a special strategic one.