India, South Korea close to concluding economic pact

India, South Korea close to concluding economic pact

External Affairs Minister S M Krishna shakes hands with his South Korean counterpart Yu Myung-hwan at a meeting in New Delhi

At his meeting with his Indian counterpart S.M. Krishna, both appreciated that the bilateral agreement “will give a further boost to the expanding economic partnership between the two countries”.
The South Korean minister said a large number of Korean companies were interested in making investments in India, even as bilateral trade has increased significantly to $15 billion.

Krishna said his government attaches priority to ensuring that Korean companies have a conducive investment environment.

“He also expressed the hope that other agreements that are under negotiation between the two sides, including a revised Double Taxation Avoidance Convention, can be concluded as soon as possible,” said a press statement issued by ministry of external affairs.
Besides, the two ministers also discussed ways of enhancing cooperation in areas ranging from civil aviation, shipping, energy to culture.
Krishna told the visiting minister that India was of the view that North Korea should return to the six-party talks.
The South Korean minister also called on Indian Prime Minister Manmohan and Commerce Minister Anand Sharma.

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