The Hangul on the right (토리 to-ri) is the Korean reading of the individual Chinese characters on the left (土里), but as far as I know it's not an actual word or phrase in Chinese, Japanese, or Korean. The two characters mean soil (and by extension, land/territory) and village, respectively.
edit: If anyone's wondering, I did also search for the characters/syllables reversed, since traditionally horizontal writing was interpreted as single character columns and read right-to-left. Judging by the quality of the calligraphy, though, I kind of doubt they would have known about that.