India-South Korea to expand business investments, grow strategic ties

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India-South-Korea-FlagTuesday, December 30, 2014: India and South Korea decided that they will improve their strategic partnership through building more ties in sectors like shipbuilding, electronics, defence production, infrastructure and energy. The two countries have also decided to partner with each other in areas like nuclear energy and cyber security.

External Affairs Minister Sushma Swaraj and her South Korean counterpart Yun Byung-se reached this decision at the eighth Joint Commission Meeting. As disclosed by Ministry of External Affairs, the two countries have agreed to cooperate in the sectors of defence equipment and technology too. While delivering her speech, Swaraj said that South Korea is one of the most important contributors in India’s economic growth and then she invited South Korean firms to make investments in the country, as the part of Make in India initiative.

She also mentioned about South Korean contribution in India’s ‘Act East’ initiative. Yun also acknowledged the government’s initiatives and agreed that South Korean companies will be motivated further to expand their businesses in India. South Korea also offered an invitation for PM Narendra Modi to visit the country. Swaraj has welcomed the invitation and agreed that Modi will visit the country at the earliest possible date, and arrangements for the same have to be looked after earnestly by both the countries.

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Swaraj also met South Korean President Park Geun-hye and held meetings with the Minister of Trade, Industry and Energy and the National Security Advisor. Presently around 300 South Korean companies have made investments in India of around $3 billion and around 40,000 people are employed by these companies in this country. The two countries’ bilateral trade is estimated around $16 billion and Indian companies have also around $2 billion investment in South Korea.

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