Expansion of bilateral trade with India in mutual interest: South Korean President Moon Jae-in

South Korean President Moon Jae-in today called for expansion of bilateral trade with India, saying it was in the interest of both nations. However, trade between the two countries came to USD 20 billion last year, which is not small but far short of our expectations, Moon said at the forum attended by around 400 top business leaders from both countries. Commerce and Industry Minister Suresh Prabhu said he has held a discussion on the Prabhu said the two nations are taking forward the discussion and have decided to take their relationship to the new level. Stressing that India and Korea can lead the fourth industrial revolution, Moon said an MoU will be signed tomorrow towards the establishment of a Future Vision Technology Group to boost bilateral cooperation in science and technology. We have opened a way to the establishment of peace through the South-North Korea summit and North Korea-US summit. He shared that bilateral cooperation between India and Korea was being expanded to newer areas like ship building, medical devices and food processing. Moon pointed out that Korean companies were keen to participate in large-scale infrastructure development in India, especially in the development of Smart Cities. He said the two nations share many common values while both their governments pushed for what he termed the 3Ps – people-oriented peace and prosperity. I am committed to raise the relationship with India which is embodied in the New Southern Policy, which is also aligned with Act East Policy pursued by Prime Minister Narendra Modi,Moon said. The president said Korea will contribute actively to Make in India initiative of the government, adding that around 500 Korean companies are present in India. Besides, Prabhu referred to the processing of marine products exported from India as one of the sunrise sectors for future bilateral cooperation, adding that there lies a great opportunity for Korean companies to come and invest in India. So the growth in India is inevitable, we are on course to do that, The minister highlighted the importance of the South Korean Presidents visit to India at a time when the country was in a growth trajectory, and expressed confidence that his coming here would help Indias economy touch the 8 per cent mark soon from 7.6 per cent in the last quarter. According to estimates, Indias export to South Korea stood at USD 4.4 billion in 2017-18, with an annual growth of 5.2 per cent. On the other hand, import from Korea was four times larger at USD 16.4 billion and rose 30 per cent in 2017-18.


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