India, S.Korea set $10-B trade target

Tuesday, 23 December 2003, 08:00 Hrs
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NEW DELHI: India and South Monday agreed to intensify bilateral economic and business ties as they set a $10 billion dollar target for two-way trade in five years.

Indian External Affairs Minister Yashwant Sinha and South Korean Foreign and Trade Minister Yoon Young-Kwan stated this at a joint press conference after they co-chaired the second meeting of the India-Korea joint commission here.

India-South Korea trade was $2.1 billion last year, with Indian exports accounting for $644.66 million and imports for $1.5 billion.

The two sides identified petrochemicals, infrastructure development, telecommunication and information technology as areas for cooperation.

Yoon, who called on Prime Minister Atal Bihari Vajpayee, said the latter spoke about the complementarities of the economies of the two countries and the need to strengthen them.

Yoon said he would urge Korean businessmen to invest more in India.

South Korea is the fifth largest investor in India and a major player in the automobiles and electronics goods market.

Korean firms like LG, Samsung and Hyundai have a significant presence in the country and are sponsors of major sporting events and national teams.

Sinha said in response to a question that the nexus between Pakistan and North Korea in missile and nuclear technology figured during their discussions but did not elaborate.

Yoon said Pakistan President Pervez Musharraf, during his visit to South Korea, had assured the government there was no such cooperation between his country and North Korea.

Musharraf had also assured Seoul that there would be no such cooperation in the future, Yoon said.

Source: IANS
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