India, South Korea ink several pacts on cooperation

Source: Xinhua| 2018-07-10 18:48:10|Editor: xuxin
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Indian Prime Minister Narendra Modi (R) meets with South Korean President Moon Jae-in at Hyderabad House in New Delhi, India, July 10, 2018. (Xinhua)

NEW DELHI, July 10 (Xinhua) -- India and South Korea on Tuesday inked several pacts as Prime Minister Narendra Modi held delegation-level talks with visiting South Korean President Moon Jae-in in the national capital.

Of a total of 11 documents signed between the two countries at the iconic Hyderabad House, nine were Memorandums of Understanding, one was for a cultural exchange program and one joint statement on the upgraded economic partnership.

Later, addressing a joint media meet, Modi said the talks focused on bolstering the special strategic partnership of which the economic relationship and trade between the two countries is one of the major pillars.

Modi also lauded President Moon for playing a key role in speeding up the peace process in the Korean peninsula and vowed to pitch in to reduce tension in the region.

"India is a stakeholder in the peace process. We will offer all possible cooperation so as to reduce tension. We have also decided to step up the scale of consultation and cooperation," the prime minister said.

Modi also hailed South Korea's participation in his ambitious "Make in India" initiative, saying it has created many employment opportunities in India.

The two leaders also strongly condemned terrorism in all its forms and reaffirmed their resolve in combating the menace through coordinated regional and global efforts, according to the Ministry of External Affairs.

President Moon and his wife Kim Jung-sook arrived in Delhi Sunday on a four-day state visit to India. This is Moon's first-ever visit to India after he assumed office last year.

Modi and Moon Monday jointly inaugurated a mobile phone manufacturing plant by Samsung Electronics in Noida, about 20 kms from Delhi.

Apart from conglomerates like Samsung, Hyundai Motors and LG that have made significant investments in India, estimated at over 4.43 billion U.S. dollars (as of March 2017), there are 603 large and small South Korean firms, which have offices in India.

Indian investments in South Korea is nearing 3 billion U.S. dollars.

KEY WORDS: India S.Korea