South Korean President Moon Jae-in yesterday expressed the hope that his forthcoming summit here with Prime Minister Narendra Modi will help to take bilateral economic relations to the next level.
President Moon, who arrived in the capital on Sunday on his maiden official visit to India leading a 100-member business delegation, will hold official talks with Modi today.
“Our bilateral trade of $20bn annually, although not insignificant, is falling below our expectations,” Moon said in his address at the India-Korea Business Forum here organised by industry chamber Ficci.
“I hope my summit tomorrow with Prime Minister Modi will help take our economic relationship to the next level,” he said.
The South Korean president said that improving economic relations with India was a key element of his country’s new Southern policy.
“My new Southern policy is aligned with Modi’s Act East policy. Both policies will come to completion when prosperity spreads across the Asia,” he said.
“This policy aims to move beyond economic co-operation to building a prosperous people-centric community of peace,” he added.
Noting that there are 500 Korean companies doing business in India, Moon said: “The Indian government is planning to build 100 Smart Cities and construct industrial corridors to link the major cities. It is our wish to participate in these infrastructural projects.”
He said a financing arrangement of $10bn has been earmarked by the Korean government for infrastructure development in India.
He also said that an MoU on bilateral scientific co-operation is to be signed today that will include “industrial technology” in the scope of the agreement.
Moon noted that his Southern policy aims to raise Korea’s relations with India to the level of those with the four major powers around the Korean peninsula.
“Korea is at a historic turning point following the twin summits (on denuclearisation of the Korean peninsula). If we can bring peace in the Peninsula, the business climate will improve,” he said.
In his address, Commerce Minister Suresh Prabhu said that official talks are already underway to improve and upgrade the existing Comprehensive Economic Partnership Agreement (CEPA), or the free trade pact, with South Korea.
Prime Minister Narendra Modi and South Korea President Moon Jae-in shakes hands as they pay tribute at the National Gandhi Museum in New Delhi yesterday.
