South Korea offers USD 10 billion package on the eve of PM's visit
Updated: May 18, 2015 03:18:55pm
New Delhi, May 18 (KNN) As Prime Minister Narendra Modi commenced his two-day visit to Seoul on Monday, South Korea is offering India a financial package amounting to a total of USD 10 billion. This will comprise an economic development cooperation fund of USD1 billion and export credits of another USD 9 billion.
According to Korean sources, this fund will be used to support several of Prime Minister Modi's initiatives on infrastructure development, including smart cities project, railways, power generation, transmission and also other sectors that can be agreed upon at a later stage.
South Korea has been working in all aspects of railway development, from modernisation of the existing network to complete turnkey for high-speed 'bullet trains'.
Modi has showed keen-ness several times in South Korea's capability in ship building and the need to boost the Indian vessel-manufacturing operations. Seoul is keen to pursue ties in this area as well. The prime minister's planned visit to the biggest shipyard in South Korea may be the first step to explore the big potential of cooperation in ship-building.
Korea can become a key partner in 'Make in India' initiative, when their large global conglomerates, called Chaebols in their language, have become household names in India, notably Samsung, LG and Hyundai, and earlier Daewoo. (KNN/DB)
According to Korean sources, this fund will be used to support several of Prime Minister Modi's initiatives on infrastructure development, including smart cities project, railways, power generation, transmission and also other sectors that can be agreed upon at a later stage.
South Korea has been working in all aspects of railway development, from modernisation of the existing network to complete turnkey for high-speed 'bullet trains'.
Modi has showed keen-ness several times in South Korea's capability in ship building and the need to boost the Indian vessel-manufacturing operations. Seoul is keen to pursue ties in this area as well. The prime minister's planned visit to the biggest shipyard in South Korea may be the first step to explore the big potential of cooperation in ship-building.
Korea can become a key partner in 'Make in India' initiative, when their large global conglomerates, called Chaebols in their language, have become household names in India, notably Samsung, LG and Hyundai, and earlier Daewoo. (KNN/DB)
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