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India, South Korea signed agreements to boost bilateral trade

New Delhi: South Korean President Moon Jae-in on Monday expressed the hope that his forthcoming summit with Prime Minister Narendra Modi will help take bilateral economic relations to the next level, even as both leaders later jointly launched the world's largest mobile handset factory by Samsung in Noida.

Pic Courtesy: Twitter@CimGOI

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 here on Tuesday.


Suresh Prabhu hosted HE Kim Hyun-Chong, Minister of Trade, Industry and Energy, Republic Of Korea and his delegation for a meeting at his residence this morning.

Bilateral Economic Relation:
  • The two leaders reviewed bilateral science & technology (S&T) cooperation between the two countries since the last meeting of the Steering Committee at Seoul in November 2015.
  • Both have agreed to establish Indo-Korean Center for Research and Innovation (IKCRI) in India, which will act as the hub for systematic operation and management of all cooperative programmes in research and innovation between the two countries including innovation & entrepreneurship and technology transfer.
  • "My new Southern policy is aligned with Modi's Act East policy. Both the policies will come to completion when prosperity spreads across the Asia. This policy aims to move beyond economic cooperation to building a prosperous people-centric community of peace," Moon said.
  • 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 $10 billion has been earmarked by the Korean government for infrastructure development in India.

Senior officers of Ministry of Commerce and Industry also attended the meeting and the Ministers signed agreements on bilateral trade
5 Memorandum of Understanding (MoUs) inked by South Korea:
  • India and South Korea today signed five MoUs in the field of Science & Technology.
  • Union Minister for Science & Technology Dr Harsh Vardhan and his South Korean counterpart You Young Min signed three MoUs for (i) Programme of Cooperation 2018-21; (ii) Establishment of Future Strategy Group; (iii) Cooperation in Biotechnology & Bioeconomy.
  • The MoU on Establishment of Future Strategy Group was signed by Indian Science & Technology and Commerce Minister, while on the Korean side, it was signed by Science and ICT and Trade Minister.
  • Two other MoUs were signed between Council of Scientific & Industrial Research (CSIR), and South Korean National Research Council for Science & Technology and IIT Mumbai and Korea Institute of Science &Technology, to further accelerate future-oriented cooperation in their respective sectors.
  • The MoUs were signed at the conclusion of the 4th India-Korea Science & Technology Ministers Steering Committee Meeting.


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