India, Korea to chalk out roadmap to materialize envisaged financial support for priority sectors
Updated: May 18, 2015 04:57:03pm
New Delhi, May 18 (KNN) South Korea has agreed to provide USD 10 billion to India for mutual cooperation in infrastructure comprising Economic Development Cooperation Fund and export credits for priority sectors including development of smart cities, railways, power generation.
“The Ministry of Strategy and Finance and the Export-Import Bank of Korea expressed their intention to provide USD 10 billion for mutual cooperation in infrastructure, comprising Economic Development Cooperation Fund (USD 1 billion) and export credits (USD 9 billion) for priority sectors, including smart cities, railways, power generation and transmission, and other sectors to be agreed,” according to a Joint statement by Prime Minister Narendra Modi and President of the Republic of Korea, Park Geun-hye, during his visit to Seoul.
The two governments and the EXIM Banks of the two countries will hold consultations to chalk out a roadmap in order to materialize the envisioned financial support for priority sectors.
Recognizing the salience of trade and investment to the bilateral partnership, the leaders called upon the business community from India and Korea to leverage the enormous synergies between their economies for mutual prosperity.
President Park welcomed India’s ‘Make in India’ initiative as it provides new avenues to enrich and add substance to the bilateral relations. Prime Minister Modi invited the ROK to become a privileged partner in ‘Make in India’ to which President Park conveyed her appreciation.
The two sides signed seven agreements and Memorandum of Understanding including one on Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income.
A joint statement issued at the end of the talks said India sees Korea as an "indispensable partner" in its "Act East" strategy and that both countries "recognise the value of the bilateral partnership and its contribution to bringing peace, stability and security in the Asia Pacific Region."
Elaborating on the decision to upgrade the bilateral ties to special strategic partnership, the statement said the two sides have agreed to establish annual Summit meetings, in either country, or on the margins of plurilateral events and annually hold joint commission led by the two Foreign Ministers.
The two sides also decided to set up an India-Korea Joint Working Group in the field of Electronics Hardware manufacturing to enhance co-operation and facilitate business collaboration through joint ventures and technology transfer on a commercial basis.
The Prime Minister is slated to have one-one-one meetings with heads of Hyundai Motors, Samsung Electronics, LG Industries and Doosan Group on Tuesday besides addressing the CEOs Forum. (KNN Bureau)
“The Ministry of Strategy and Finance and the Export-Import Bank of Korea expressed their intention to provide USD 10 billion for mutual cooperation in infrastructure, comprising Economic Development Cooperation Fund (USD 1 billion) and export credits (USD 9 billion) for priority sectors, including smart cities, railways, power generation and transmission, and other sectors to be agreed,” according to a Joint statement by Prime Minister Narendra Modi and President of the Republic of Korea, Park Geun-hye, during his visit to Seoul.
The two governments and the EXIM Banks of the two countries will hold consultations to chalk out a roadmap in order to materialize the envisioned financial support for priority sectors.
Recognizing the salience of trade and investment to the bilateral partnership, the leaders called upon the business community from India and Korea to leverage the enormous synergies between their economies for mutual prosperity.
President Park welcomed India’s ‘Make in India’ initiative as it provides new avenues to enrich and add substance to the bilateral relations. Prime Minister Modi invited the ROK to become a privileged partner in ‘Make in India’ to which President Park conveyed her appreciation.
The two sides signed seven agreements and Memorandum of Understanding including one on Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income.
A joint statement issued at the end of the talks said India sees Korea as an "indispensable partner" in its "Act East" strategy and that both countries "recognise the value of the bilateral partnership and its contribution to bringing peace, stability and security in the Asia Pacific Region."
Elaborating on the decision to upgrade the bilateral ties to special strategic partnership, the statement said the two sides have agreed to establish annual Summit meetings, in either country, or on the margins of plurilateral events and annually hold joint commission led by the two Foreign Ministers.
The two sides also decided to set up an India-Korea Joint Working Group in the field of Electronics Hardware manufacturing to enhance co-operation and facilitate business collaboration through joint ventures and technology transfer on a commercial basis.
The Prime Minister is slated to have one-one-one meetings with heads of Hyundai Motors, Samsung Electronics, LG Industries and Doosan Group on Tuesday besides addressing the CEOs Forum. (KNN Bureau)
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