Seoul-Delhi connect: South Korea assures India of more investment

VIENTIANE (LAOS): The Seoul-Delhi connect was again on display during the meeting between Prime Minister Narendra Modi and South Korean President Park Geun-hye on the sidelines of the dual ASEAN/East Asia summits in Vientiane, the capital of Laos. Lauding Mr Modi for his stewardship of the Indian economy, the South Korean leader assured the Indian leader of more investments from her country and discussed steps to enhance counter-terror cooperation between the two countries. Building on their successful meeting in Seoul in May 2015, the two leaders met in Vientiane on September 8 and reviewed the entire spectrum of bilateral relations, with special focus on intensifying economic relationship between the two countries. Ms Park was all praise for the economic reforms undertaken by the Modi government, including the path-breaking Goods and Sales Tax. “President Park said the profile of India was rising due to Prime Minister’s proactive leadership.  She complimented him on the success of India’s economic development strategy, which had led to 7 per cent plus growth rate despite the global slowdown,” Ms Park told the Indian leader, according to Vikas Swarup, the spokesperson of India’s external affairs ministry. “They agreed that their shared commitment to democracy and free market economy and complementary strengths made India and ROK ideal partners.  President Park appreciated the Korea Plus programme initiated by PM and said it would lead to further investments in India by Korean firms,” said Mr Swarup. In a boost for India’s ongoing modernisation of the country’s infrastructure, the two leaders discussed progress in implementing the US$ 10 billion financial package announced by ROK for India’s infrastructure development. EXIM Banks of the two countries are discussing modalities for the utilization of the package. To scale up economic relationship, the two leaders decided to fast-track negotiations for improving India-ROK Comprehensive Economic Partnership Agreement (CEPA) as also the US$ 10 billion financial package announced by ROK for India’s infrastructure development. India and South Korea had upgraded their Strategic Partnership to a Special Strategic Partnership during Mr Modi’s visit to Seoul last year, indicating their shared intent to scale up India-ROK relationships across the spectrum.