New Delhi: Prime Minister Narendra Modi has been honoured with this year's Seoul Peace Prize for his contribution to world peace through his economic vision.

PM Modi is the 14th recipient of this coveted award.

The Prime Minister won the award for his contributions to the growth of the Indian and global economies, and for 'Modinomics' for reducing the social and economic disparity between the rich and the poor.

A statement from the Ministry of External Affairs read, "The Seoul Peace Prize Committee has decided to confer the 2018 Seoul Peace Prize on Prime Minister 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 Prime Minister expressed his gratitude for the prestigious honour and in light of India's deepening partnership with the Republic of Korea.

The Seoul Peace Prize was established in 1990 as a biennial recognition with a monetary award to commemorate the success of the 24th Summer Olympic Games held in Seoul, Korea, an event in which 160 nations from across the world took part, creating harmony and friendship.