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Korea is Emerging as an Important Economic Partner for India

Fast growing economic relations between Korea and India

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Feb 28, 2017: When India liberalized in 1990s, international companies were reluctant to invest in India. Korea was the first country which dared to invest in India when other countries were reluctant to take the economic risk of investing in the 1990s. Korea subsequently became the 4th largest investor during the 1990s.

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Bilateral economic relation between India and Korea is important for both India and Korea, Korea’s Trade Minister Joo Hyung-hwan had said last year, “Fostering close economic ties with India is the top priority for Korea.” Further, the Federation of Korean Industries (FKI) had said last September,  “Korea needs to deepen economic ties with India and Vietnam for its economic growth,” reported Korea Times

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Economic relations with India is important for Korea as its relation with its 3 important trading partners- US, Japan and China is declining. Relations with US are fast declining due to America’s policy of protectionism and the new policies of Trump. Historical issues with Japan and Japan’s economic stagnation, as well as Korea’s decision to deploy US missile system, has soured Korea’s relation with both these two countries, hence relations with all 3 countries have become precarious.

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In January last year, a Memorandum of Understanding (MoU) was signed between the India and Korea for establishing the platform “Korea Plus” a joint initiative of Ministry of Commerce and Industries of both countries, a platform established to promote and facilitate Korean investments.

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Few of the Korean startups are also doing business with Indian companies. Bangalore based real estate portal NoBroker had announced that it has raised $7 million (Rs 50 crore) in one round led by KTB Network, a Seoul-based VC firm in December last year. Softbank of South Korea had had led one round of funding for the Gurgaon-based True Balance, the CEO of True balance is Cheolwon (Charlie) Lee, a Korean.

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Prepared by Upama Bhattacharya. Twitter @Upama_myself

 

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Kejriwal’s Door to Door Donation Drive is a Farce: Munish Raizada

Chanda Bandh Satyagraha makes an appeal that AAP should immediately restore donors' list on its website and then only seek new donations.

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Kejriwal
Dr. Munish Raizada along with his Chanda Bandh Satyagraha team outside the office of AAP MLA Jarnail Singh (Tilak Nagar). File photo

Chicago: The Aam Aadmi Party Convener and Delhi CM Arvind Kejriwal has launched a door to door campaign seeking donations for the AAP.  According to former overseas co-coordinator of Aam Aadmi Party, Dr. Munish Raizada, this is nothing more than a misleading campaign!

Raizada says that Kejriwal has no moral right to seek donations from common man as he has dismantled financial transparency in AAP by removing donors list from its website. Displaying donors’ list showing real time donations and making the income and expenditure accounts available online were the basis and the promise of the AAP, emphasised Raizada.

Now, after hiding donors’ list and its balance sheets from the public, the AAP cannot claim to be practising alternative politics.

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Lack of financial transparency in the Arvind Kejriwal-led AAP prompted a group of NRIs, who once worked to mobilise funds and support for the party, to turn against it. (File photo)

It may be noted that AAP removed the list of donors from its website in June 2016. Moreover, since then AAP has been surrounded with controversies related to donations. AAP had also received Rs 30.67 crore Income Tax notice, last year in November, implying that all is not well with AAP’s accounts, says Raizada.

He further questions Kejriwal, that if AAP has nothing to hide about its accounts and if AAP is honest with its account keeping then why is Kejriwal hiding the donations?

Even the donation policy that was earlier the pride of every AAP volunteer has been done away with. The donation policy on AAP website used to state: “Every single rupee donated to the party will be published on the website immediately along with the details of the donor. Every expense done by the party will also be published on the website.”

But rather than putting the donors’ list in public domain, the party’s corrupt leadership started blaming BJP and I.T. Department for harassing its donors.

 

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Chanda Bandh Satygrah demands restoration of  lost values in AAP ( File Photo)

 

Opaque political funding is the fountain head of corruption. Further, Raizada says that if the party cannot be transparent in its political funding, then talking about fighting corruption and graft is a mere rhetoric. He said that the appeals by Chanda Bandh Satyagraha have fallen on deaf ears as far as the party’s

leadership is concerned. 

Chanda Bandh Satyagraha makes an appeal that AAP should immediately restore donors’ list on its website and then only seek new donations. Chanda Bandh Satyagraha was started by AAP’s volunteers in 2016, with an appeal to the public not to donate to AAP unless it makes its donation lists open and transparent.