The MoU also provides for developing natural gas infrastructure projects and liquified natural gas or LNG sourcing. It was signed at the Petrotech 2012 conference in New Delhi.
By sourabh modgil
By Sourabh ModgilROLL NO.- 44
•LANGUAGE : KOREAN•AREA : 219;140 KM sq.•POPULATION : 73,00,00,000•CURRENCY: won ₩[ 1 KOREAN WON = 0.05 INDIAN RUPPEE ]• CAPITAL OF N.KOREA – PYONGYANG•CAPITAL OF SOUTH KOREA - SEOUL
KOREA is an east Asia territory that is divided into two separate sovereign states NORTH and SOUTH KOREA.
KOREA was under Japan rule from 1910 to 1945. After 35 years of rule , during the world war 2 The United States and the Soviet Union agreed to temporarily occupy the country as a trusteeship with the zone of control demarcated along the 38th parallel. Though elections were scheduled, the Soviet Union refused to cooperate with United Nations plans to hold general and free elections in the two Koreas, and as a result, a Communist state was permanently established under Soviet auspices in the north and a pro-Western state was set up in the south .
JERYE – Ancestral Memorial RiteSOLLAL – Lunar New Years DayCHUSEOK- Korean Thanksgiving Day
ONDOLTraditional korean roomsRooms are not labeled or reserved for specific pourpose.
PALACE OF THE JOSEON DYNASTY -Gyeongokgung Palace-Deoksugang Palace
-Changdeokgung palace-ITAEWON -popular district forShopping and entertainment .
Current president of south Korea is lee myung –bak
South Korea has a market economy which ranks 15th in the world by nominal GDP and 12th by purchasing poweR parity (PPP), identifying it as one of the G-20 major economies. Has GDP of - Nominal: $1.268 trillion. . It is a high-income developed country, with a developed market, and is a member of OECD.[Organization for Economic Co-operation and Development] South Korea had one of the worlds fastest growing economies from the early 1960s to the late 1990s . financial organizations like the World Bank describe Korea as one of the fastest-growing major economies of the next generation.
North Korea is a self-described Juche (self-reliant)state, described by some observers as a de facto absolutemonarchy or "hereditary dictatorship" with apronounced cult of personality organized around Kim Il-sung (the founder of North Korea and the countrysonly president).KIM JONG UN.
North Koreas economy is a centrally planned system.The role of market allocation is sharply limited .GDP - $40 billion With GDP per capita of less than $2,000, North Korearemains as one of the worlds poorest and least developedcountries, in sharp contrast to its neighbor South Korea, whichhas one of the largest economies in Asia.In economic sector there main work is of agriculture ,mining ,military products and fisheries .It exports mainly goes to China 42% , south Korea 38%and India 5%.
India, South Korea to double bilateral trade to $40 bn by 2015.The CEPA binds South Korea to phase out or reduce tariffs on90percent of Indian goods over 10 years, while India is to eliminatetariffs on 85 percent of South Korean exports within the sameperiod, which is longer than what is written in other FTAs SouthKorea settled with.
Poscos proposed $12-bn investment in a steel project inOrissa, major industrial houses have committed an investmentto the tune of $2.8 bn. Tata Motors purchase of Daewoo Commercial Vehicles at thecost of $102 million highlights the Indias investments in Korea.In June 2012, India, a major importer of arms and militaryhardware purchased eight warships from South Korea.INDIA export of commercial services have been increasing bymore than 20% annually in last 5 years.According to electronic and computer software export council,software exports from India to south Korea in 2001 – 2002 were$ 27.53 million compared to 2000 – 2001 $8.8 million . after the implementation of the Free Trade Agreement(FTA), Trade between India and South Korea grew by 10 per centto $10.7 bn in 2010 .
The CEPA was signed on August 7, 2009, by the governmentsof India and South Korea, aimed at boosting trade in industrialsectors, as well as engaging in manpower exchange.India became the 9th biggest source of imports for ROK in2011.Korea accounts for about 2.64% of total FDI inflows,amounting to US$ 2.601 billion. Hyundai Heavy Industries have won two mega projectsincluding one pipeline project worth US$ 600 million.CEPA came into force on 1st January, 2010. Rapidly expanding tradeand investment flows lie at the core of the bilateral cooperation.Bilateral trade in 2011 crossed $ 20.5 billion registering a 70% growthover a two year period. A revised trade target of $ 40 billion by 2015 wasestablished by PM. Singh and President Lee on 25 March 2012. Major Korean conglomerates (Chaebols) such as Samsung, HyundaiMotors and LG have made significant investments into India,estimated at $2.6 billion, till September 2012. Indian investments inROK have already exceeded $ 1 billion.
Imports from Year Exports to India Total Trade India 2001 1.41 1.11 2.52 2002 1.44 1.25 2.69 2003 2.85 1.23 4.08 2004 3.63 1.85 5.48 2005 4.59 2.11 6.70 2006 5.53 3.64 9.17 2007 6.60 4.62 11.22 2008 8.97 6.58 15.55 2009 8.01 4.14 12.15 2010 11.43 5.67 17.10 2011 12.68 7.89 20.57 2012 (up to Nov) 11.06 6.38 17.39Source: Korea International Trade Association
India, S Korea to step up defence, n-projects ties.India, Korea Tie-Up For Nanotechnology Product Development.Uno Minda, Korean firm tie up to make automotive lamps.Power Exchange India ties up with Korea Power.Sahara Power, Korea firm tie up for 6,000 MW plants.IOC signed MoU with Korea Gas Corporation to Jointly exploreand produce Gas.An Indian Cultural Centre (ICC) was established in RoK inApril 2011.
Prime Minister Dr. Manmohan Singh paid an official visit to Seoulfrom 24-27 March 2012, both for bilateral and Nuclear SecuritySummits.President Lee paid a landmark visit to India, as Chief Guest at IndiasRepublic Day celebrations on 26 January 2010, when bilateral ties wereraised to the level of Strategic Partnership.Defence Minister Shri A.K. Anthony visited RoK in September 2010.A fleet of four Indian naval vessels are currently on a goodwill visit tothe port of Busan.Minister of Knowledge Economy Mr. Hong Sukwoo VISITED Indiaon 26 jan ,2013.Minister of Culture, Sports & Tourism Mr. Choe Kwang-sik visitedIndia on 13th dec. 2012 .