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Pradeep Kumar

27/03/21 09:25 AM IST

Indo-Korean friendship park

In news

An Indo-Korean friendship park was jointly inaugurated by Defence Minister Rajnath Singh and Minister of National Defence of South Korea Suh Wook at Delhi cantonment.

Details
  • The park has been built to commemorate the contribution of Indian peacekeeping force during the Korean war of 1950-53.
  • South Korea has been a major supplier of weapons and military equipment to India.
  • In 2019, the two countries finalised a roadmap for cooperation in joint production of various land and naval systems.
  • The park has been developed in joint consultation with Ministry of Defence, Government of India, Indian Army, Delhi Cantonment Board, Emabssy of Korea and Korean War Veterans Association of India.
India–South Korea relations
  • Formal establishment of diplomatic ties between the two countries occurred in 1973.
  • Since then, several trade agreements have been reached: Agreement on Trade Promotion and Economic and Technological Co-operation in 1974.
  • Agreement on Co-operation in Science & Technology in 1976;=
  • Convention on Double Taxation Avoidance in 1985; and Bilateral Investment Promotion/ Protection Agreement in 1996.
  • Trade between the two nations has increased greatly, from $530 million during the fiscal year of 1992-1993, to US$10 billion during 2006-2007.[1] It further increased to US$17.6 billion in the year 2013.
Source: Indian Express, PIB

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