New Delhi: Prime Minister Narendra Modi is scheduled to visit South Korea on a two-day visit from February 21 to February 22.
During the visit, he will be honoured with the Seoul Peace Prize, an award to PM Modi that was announced in 2018.
Previous recipients of the award include German Chancellor Angela Merkel and United Nation chiefs like Ban Ki-moon and Kofi Annan.
PM Modi had visited South Korea in May 2015.
In July 2018, South Korean President Moon Jae In visited India. During his visit, he along with PM Modi inaugurated the new manufacturing facility of South Korean major Samsung in Noida, which is the largest mobile phone manufacturing plant of the company anywhere in the world.
After President Moon's election victory in 2017, PM Modi was the 4th international leader to congratulate him. In his addition, PM Modi’s congratulatory tweet in the Korean language was well appreciated by President Moon.
Many South Korean companies are household names in India. According to Statistics Korea, Indian exports to Korea accounted for $2.91 billion and imports account for $8.707 billion during January-July 2017, marking a growth of 26 per cent and 30.1 per cent. Major Korean companies such as Samsung, Hyundai Motors and LG have made major investments in India, estimated around $4.43 billion (Figures till March 2017). A sister company of Hyundai Group, Kia motors recently announced an investment of $ 1.1 billion to set up a manufacturing unit in Andhra Pradesh.
Samsung Electronics has announced a $760 million investment to expand production facilities in India. Indian companies have invested $3 billion in South Korea.