Seoul: Prime Minister Narendra Modi will be awarded the Seoul Peace Prize 2018 for his remarkable contribution to develop the economy in India and the world through 'Modinomics' during his two-day visit to South Korea, starting on February 21. 

PM Modi, who is the first Indian to receive this prestigious award, will be conferred with a plaque and an honorarium cash prize. He is the 14th recipient of the prize.

According to reports, the selection committee recognised PM Modi’s dedication to improve international cooperation, accelerate the human development of the people of India and raise global economic growth. He is also credited for fostering economic growth in the world's fastest-growing economy and developing the democracy “through anti-corruption and social integration efforts”.

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The Prime Minister was lauded for his efforts to maintain regional and global peace with the 'Modi Doctrine' and the Act East Policy. 

PM Modi reached Seoul on Thursday to hold talks to strengthen India's strategic ties with South Korea and seek to enhance bilateral cooperation in diverse areas, including trade and investment.

Ahead of his visit, the prime minister described South Korea as an important partner for India's key initiatives such as 'Make in India', and said as fellow democracies the two countries share values and vision for regional and global peace.

Modi is visiting South Korea on the invitation of President Moon Jae-in. This is his second visit to the Republic of Korea since 2015 and second summit meeting with President Moon Jae-in.

During the visit, according to the ministry of external affairs, PM Modi will also have bilateral and business engagements and unveil a bust of Mahatma Gandhi. 

With PTI inputs