Prime Minister Narendra Modi has been conferred with the Seoul Peace Prize for 2018 for his contribution to international cooperation and fostering global economic growth. In a statement on Wednesday, the Ministry of External Affairs said that the prime minister has expressed his gratitude for the prestigious honour and in the light of India' deepening partnership with the Republic of Korea, he has accepted the award.

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"The world acknowledges. PM Narendra Modi awarded prestigious Seoul Peace Prize 2018 for contribution to high economic growth in India and world through 'Modinomics', contribution to world peace, improving human development & furthering democracy in India," MEA spokesperson Raveesh Kumar tweeted.

"The Seoul Peace Prize Committee has decided to confer the 2018 Seoul Peace Prize on Prime Minister Shri Narendra Modi, in recognition of his dedication to improving international cooperation, raising global economic growth, accelerating the Human Development of the people of India by fostering economic growth in the world's fastest growing large economy and furthering the development of democracy through anti-corruption and social integration efforts," the statement said.

It further said that while awarding the 2018 Seoul Peace Prize, the Award Committee recognized Prime Minister Modi's contributions to the growth of the Indian and global economies, crediting "Modinomics" for reducing social and economic disparity between the rich and the poor. 

"The Committee lauded PM's initiatives to make the government cleaner through anti-corruption measures and demonetization. The Committee also credited Prime Minister for his contribution towards regional and global peace through a proactive foreign policy with countries around the world under the 'Modi Doctrine' and the 'Act East Policy," the ministry said,

PM Modi is the fourteenth recipient of this award.

The award will be presented to the prime minister by the Seoul Peace Prize Foundation at a mutually convenient time.

The Seoul Peace Prize was established in 1990 to commemorate the success of the 24th Olympic Games held in Seoul. The award was established to crystalise Korean people's yearning for peace on the Korean peninsula and in the rest of the world.