During the 1997 Asian financial crisis, South Korean businesses sought to increase access to the global markets, and began trade investments with India.
The India-Republic of Korea Joint Commission for bilateral co-operation was established in February 1996, which is chaired by the External Affairs Minister and the Minister of Foreign Affairs and Trade from the Korean side. So far, six meetings of the Joint Commission have been held, with the last one being held in Seoul in June 2010. In an interview by the Times of India, former Korean President Roh Tae-woo voiced his opinion that co- operation between India’s software and Korea’s IT industries would bring successful outcomes. The two countries agreed to shift their focus to the revision of the visa policies between the two countries, expansion of trade, and establishment of free trade agreement to encourage further investment between the two countries.
There was a State Visit to Korea by Indian President Dr. APJ Abdul Kalam, in February 2006 that heralded a new vibrant phase in India-Korean relations. It led to the launch of a Joint Task Force to conclude a bilateral Comprehensive Economic Partnership Agreement (CEPA), which was signed by Minister for Commerce and Industry Shri Anand Sharma at Seoul on August 7, 2009.
Korean President Lee paid a landmark visit to India, as Chief Guest at India’s Republic Day celebrations on 26 January 2010, when bilateral ties were raised to the level of Strategic Partnership.
An Indian Cultural Centre was established in ROK in April 2011 and the Festival of India in Korea was inaugurated by Dr. Karan Singh, President of Indian Council for Cultural Relations on 30 June 2011, to revitalise the cultural relations between the two countries.
Indian President Smt. Pratibha Devisingh Patil came on a State Visit to Korea from 24 to 27 July 2011, during which the Civil Nuclear Energy Cooperation Agreement was signed.
In June 2012, India, a major importer of arms and military hardware planned eight warships from South Korea but the contract ended in cancellation.
Prime Minister Dr. Manmohan Singh paid an official visit to Seoul from 24 to 27 March 2012, pertaining to the Nuclear Security Summits, which led to the deepening of bilateral strategic partnership that was forged during President Lee Myung-bak’s State visit to India. An agreement on visa simplification was signed on 25 March 2012 in the presence of the two leaders at the Blue House. A Joint Statement was also issued during the PM’s visit.Former South Korean President Park Geun-hye visited India in 2014.
In July 2018, South Korean President Moon Jae-in and Indian Prime minister Narendra Modi jointly inaugurated Samsung Electronics’s smartphone assembly factory in Noida, the largest of such a factory in the world.
