Korea to launch massive economic cooperation with India

Korea decided to expand large-scale bilateral economic cooperation with India after Indian Prime Minister Narendra Modi visited Korea recently.

Korean President Park Geun-hye and the Indian premier recently had a summit meeting in Cheong Wa Dae and decided to elevate the bilateral relationship to a ‘special strategic partnership.’ The two countries entered into negotiations to improve their free trade agreement, the Comprehensive Economic Partnership Agreement (CEPA), which has been cited as an obstacle for trade due to lower tariff cuts between the two nations than those with rival countries like Japan.

Above all, Korea would provide a fi nancial package worth $10 billion for the ‘Made in India’ drive by the Indian prime minister to attract enormous investments and nurture the manufacturing industry.

The prime minister, who was in China before coming to Korea, promised investments worth $20 billion in various sectors including railroad construction, irrigation technology support and tourism cultural exchange.

The construction plans for infrastructure in India released by the presidential office on the day include the construction of 100 smart cities (a total of $15 billion with an average of $150 million by city), Delhi -Mumbai industrial corridor ($90 billion) and the construction of infrastructure for a high-speed railway ($140 billion over the next five years). The value of orders alone would amount to $200 billion. In particular, the Indian prime minister sincerely asked the Korean government and companies to construct a shipyard to build an LNG- carrier vessel during the summit with President Park.

korean-electronics.com | Blog Magazine of korean electronics, brands and Goods

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