By Philip Iglauer

Indian Ambassador to Korea Vishnu Prakash hosted foreign envoys, Korean VIPs and the Indian expatriate community to celebrate the 63rd Republic Day of India at the Millennium Seoul Hilton Hotel, Friday.

Prakash said that some 60 percent of India’s population is relatively young -- less than 30 years old.

While the talent of its people has long been India’s greatest asset, the East Asia nation of 1.2 billion becomes this year a 2-trillion-dollar economy, he said. “Converting its demographic strength into dividends is a challenge.”

In welcome remarks during the National Day reception, Prakash highlighted India’s so-called “Look East Policy,” in which the second-most populous nation in the world looked to foster better ties with its East Asian neighbors, including Korea.

The policy was initiated in 1991 and, some two decades on, has borne fruit in strong relations with its Asian neighbors. Prakash said the transformation of Korea-India relations is significant, pointing to the landmark visit to India of President Lee Myung-bak in January last year.

Since the Look East Policy was initiated, trade between the two nations has increased exponentially. Bilateral trade was only $530 million in 1992, but soared to $10 billion in 2006. Two-way trade surpassed the 20-billion-dollar mark in 2011.

Prakash, who arrived in Seoul only weeks before, said that while trade and investment are important, it is the people-to-people ties between Koreans and Indians that matters most.

“We have now established direct flights between our two nations and deepened cultural relations with a full-fledged cultural center,” he said.

India opened the Indian Cultural Center near its chancery in Hannam-dong, Seoul, in May.

More Indians are visiting Korea than ever before.

The Korean Tourism Organization opened an office in New Dehli in 2008, and the number of Indians choosing Korea as their preferred travel destination has increased ever since. Now, more than 80,000 Indians visit Korea annually.

Others choose to live here. The Indian ex-pat community in Korea is about 8,000, consisting of manual laborers, as well as business people, IT professionals, scientists and students. There are about 150 businessmen dealing mainly with textiles. There are about 1,000 IT professionals and engineers working in various Korean companies including Samsung and LG. There are about 500 scientists and post-doctoral research scholars.

Korea and India established diplomatic relations in 1973.