A brief on Republic of Korea

General and Political

• Diplomatic relations between Nepal and the Republic of Korea (RoK) was established in 1974. Embassy of the RoK was established in Kathmandu in 1974 while Nepal established its embassy in Seoul in 2007.

• 50^th Anniversary of Diplomatic relations between Nepal and the Republic of Korea is being celebrated with the tagline "Everesting Friendship: Nepal-Korea 50^th Anniversary" this year (2024).

• About 70,000 Nepalis are living and working in the RoK as of now. (About 47000 via EPS system, about 5500 as students and about 18000 others)

• Nepal-RoK Bilateral Consultation Mechanism (BCM) at the level of Joint Secretary of the Ministry of Foreign Affairs was established in 2001. Sixth BCM was held in Seoul on 14 April 2023. The Seventh BCM was proposed for April 2024 in Kathmandu, however, it remains pending as the response from the Korean side is still awaited.

• The First Summit-level Meeting was held in 49 years between Rt. Hon. Prime Minister Mr. Pushpa Kamal Dahal 'Prachanda' and President of the Republic of Korea H.E. Mr. Yoon Suk Yeol on ths sidelines of the UN General Assembly in New York in 2023

• The Korean side extended an invitation to the Prime Minister of Nepal on 20 October 2023 to visit Korea along with the support for World Expo elections

• In regard to the Korean peninsula, Nepal has its long standing position stressing on the peaceful reunification

• Nepal received USD 300,000 as assistance from the RoK for the rescue/recovery of earthquake victims in the western part of Nepal in November 2023

Trade and Investment

• Trade volume between the two countries is increasing but there is a huge trade deficit - export worth 302 million NRs and import worth 7040 million NRs. The import is about 24 times more than the export (As of FY2022/23)

• The FDI from the RoK is being increased - NRs. 12 Arba 96 Crores in 2080/81 (Till 2081 Jestha) and Total Foreign Investment about NRs. 26 Arba 2 Crores

Tourism

• Around 24000 tourists from the RoK visited Nepal in 2023, while around 13000 tourists from the RoK visited Nepal in the first half of 2024.

Major Ongoing Programmes and Activities

• Nepal-Korea 50^th anniversary of establishment of diplomatic ties is being celebrated this year (2024) : Common Commemorative Logo - "Everesting Friendship: Nepal-Korea 50^th Anniversary"

• Samsung's Factory for producing Television sets was established in Nawalparasi in August 2022. The production work has commenced in April 2023.

• Hyundai Motors and Laxmi Groups have started partnership in assembling automobiles in Nawalparasi producing annual 4800 automobiles. The factory was launched in May 2024.

• Employment Permit System (EPS): The recruitment of Nepali workers was started since 2007. Additional 1900 quota was added to Manufacturing sector in 2024 making the total number 16300. Shipbuilding and Service sectors were added in 2024. Nepal ranks the first among 16 EPS Partner Countries

Latest MoUs

• MoU on Cooperation in the field of Agriculture - MoU was Signed on 2^nd November 2023 during the visit of Korean Agriculture Minister to Nepal, and

• MoU on Establishing a Framework on Trade and Investment Promotion - Opinion of MoFA conveyed, Ministry of Industry, Commerce and Supplies is finalizing the draft.

Recent visits

(From/To RoK)

Some Facts and Figures about the Republic of Korea

Official Name - Republic of Korea

Capital - Seoul

Area - 99,720 sq. km (96,920 sq. km. land area and 2800 sq. km water area)

Climate - Temperate, with rainfall heavier in summer than winter; cold winters

Natural Resources - Coal, tungsten, graphite, molybdenum, lead, hydropower potential

Population

Population - 52,081,799

Population Growth Rate - 0.21% (2024 estimate)

Governance Structure

Government Type - Presidential Republic

Head of the State - Mr. Yoon Suk Yeol, President (Since 10 May 2022)

Prime Minister - Mr. Han Duck-soo

Foreign Minister - Mr. Choe Tae-yul

Legislative - Unicameral National Assembly with 300 seats

Economy

Real GDP (PPP) - $2.615 trillion (2023 est.)

Real GDP (Per Capita) - $50,600 (2023 est.)

Trade

Exports about $769.534 billion (2023 est.)

Export Partners - China 21%, US 16%, Vietnam 9%, Japan 4%, Hong Kong 4% (2022)

Export Commodities - Integrated circuits, refined petroleum, cars, broadcasting equipment, ships (2022)

Imports about $761.102 billion (2023 est.)

Import Partners - China 23%, US 11%, Japan 8%, Australia 6%, Saudi Arabia 5% (2022)

Import Commodities - crude petroleum, integrated circuits, natural gas, coal, refined petroleum (2022)

(Source: CIA World Factbook 2024)