South Korea tightens economic relationship with India in wide sectors
- 6 years ago
During President Moon Jae-in's visit to India... Seoul and New Delhi have also pledged to push ahead with a form of free trade deal... known as their Comprehensive Economic Partnership Agreement.
Our Cha Sang-mi tells us more.
South Korean President Moon Jae-in and Indian Prime Minister Narendra Modi on Tuesday agreed to open up their markets in key sectors -- including India's agriculture and fisheries goods and Korea's petrochemicals -- as well as promising to speed up progress on their Comprehensive Economic Partnership Agreement.
The two countries signed 7 MOUs on Tuesday, including establishing the Heo Hwang-ok Memorial Park in India to commemorate the legendary princess of the "Ayuta Kingdom" in India who married a Korean king.
South Korea and India will also increase cooperation in ICT and Bio-science, with Korea's National Research Council of Science and Technology and India's Council of Scientific and Industrial Research conducting joint studies.
The two sides will also establish an Indian rail research center and encourage cooperation between small and medium-sized companies.
Korea's trade agency, KOTRA also plans to strengthen its cooperation with India's Gujarat state.
One expert said previous scientific cooperation has led to cooperation in industrial technology.
"I would like to focus on the IoT market, since the IoT market is growing rapidly in India. It has been growing some 28 percent on average every year since 2016. The 5-point-6 billion dollar IoT market in 2016 is expected to grow to 15 billion dollars by 2020. "
The expert says this will pave the way for Korean companies to enter the Indian market, where there are lots of start-up companies that they can collaborate with.
And the South Korean government's initiatives also seem a perfect match for the Indian government's foreign economic policy.
"One of the hallmark of Modi's foreign policy is to welcome different countries, particularly different economic power. To come and be a process and part of India's developmental process. And I think in that context, Moon Jae-in visiting India is a very very positive development and it actually builds a context for India-South Korea cooperation."
Prime Minister Modi has laid out his "Make in India, Clean India, or Digital India" programs, and Doctor Panda says the government is looking for ways to make a "stronger India" through infrastructure development.
Cha Sang-mi, Arirang News.
Our Cha Sang-mi tells us more.
South Korean President Moon Jae-in and Indian Prime Minister Narendra Modi on Tuesday agreed to open up their markets in key sectors -- including India's agriculture and fisheries goods and Korea's petrochemicals -- as well as promising to speed up progress on their Comprehensive Economic Partnership Agreement.
The two countries signed 7 MOUs on Tuesday, including establishing the Heo Hwang-ok Memorial Park in India to commemorate the legendary princess of the "Ayuta Kingdom" in India who married a Korean king.
South Korea and India will also increase cooperation in ICT and Bio-science, with Korea's National Research Council of Science and Technology and India's Council of Scientific and Industrial Research conducting joint studies.
The two sides will also establish an Indian rail research center and encourage cooperation between small and medium-sized companies.
Korea's trade agency, KOTRA also plans to strengthen its cooperation with India's Gujarat state.
One expert said previous scientific cooperation has led to cooperation in industrial technology.
"I would like to focus on the IoT market, since the IoT market is growing rapidly in India. It has been growing some 28 percent on average every year since 2016. The 5-point-6 billion dollar IoT market in 2016 is expected to grow to 15 billion dollars by 2020. "
The expert says this will pave the way for Korean companies to enter the Indian market, where there are lots of start-up companies that they can collaborate with.
And the South Korean government's initiatives also seem a perfect match for the Indian government's foreign economic policy.
"One of the hallmark of Modi's foreign policy is to welcome different countries, particularly different economic power. To come and be a process and part of India's developmental process. And I think in that context, Moon Jae-in visiting India is a very very positive development and it actually builds a context for India-South Korea cooperation."
Prime Minister Modi has laid out his "Make in India, Clean India, or Digital India" programs, and Doctor Panda says the government is looking for ways to make a "stronger India" through infrastructure development.
Cha Sang-mi, Arirang News.