By IndiaTomorrow.net,
New Delhi, 18 May 2015: India and South Korea today agreed to boost their bilateral relations at various levels. On first day of his visit to the country on Monday, Prime Minister Narendra Modi met President of South Korea Park Geun-hye. The two held a summit meeting and issued a Joint Statement.
To substantiate the Special Strategic Partnership the two sides agreed to the following:
a. Establish annual Summit meetings, in either country, or on the margins of plurilateral events;
b. Hold Joint Commissions led by the two Foreign Ministers annually;
c. Facilitate greater parliamentary exchanges to strengthen democratic institutions in their respective regions;
d. Strengthen the partnerships between Indian and Korean institutions of defense education, including the National Defence College of India and the National Defense University of Korea, by activating the dispatch of military officers for education;
e. Further strengthen regular consultations between the National Security Council structures of the two countries on security, defence and cyber related issues;
f. Establish a joint Vice Ministerial level defence and foreign affairs dialogue in the “2+2” Format;
g. Encourage greater cooperation between their shipyards for defence needs;
h. Pursue further deepening of defence cooperation through commencement of staff level talks between the two navies and regular exchanges of visits between the two armed forces;
i. Seek the means of the cyber security cooperation to prepare against transnational cyber threats;
j. Cooperate appropriately in the area of UN Peacekeeping; and
k. Hold a track 1.5 dialogue annually between Institute of Foreign Affairs and National Security of ROK (IFANS) – Indian Council of World Affairs (ICWA).
Trade and Investment
The two leaders welcomed:
a. Signing of the revised Double Taxation Avoidance Agreement;
b. The Ministry of Strategy and Finance and the Export-Import Bank of Korea expressed their intention to provide US $10 billion for mutual cooperation in infrastructure, comprising Economic Development Cooperation Fund (US $ 1 billion) and export credits (US $ 9 billion) for priority sectors, including smart cities, railways, power generation and transmission, and other sectors to be agreed. The two governments and the EXIM Banks of the two countries will hold consultations to chalk out a roadmap in order to materialize the envisioned financial support for priority sectors;
c. Commencement of negotiations to amend the India-Korea CEPA by June 2016 with a view to achieving qualitative and quantitative increase of trade through an agreed roadmap;
d. Mutual cooperation to be explored for enabling cities with updated technologies including smart grids for building of smart cities, in view of their crucial influence on improving the quality of residential environments and achieving sustainable economic development;
e. Cooperation in the steel sector by encouraging the steel industry of both countries to develop mutually beneficial projects;
f. Interest of companies of the two countries in cooperation in the area of shipbuilding, including the construction of Indian vessels such as LNG carriers. The Indian government expressed its hope to discuss partnership with Korea with an aim to modernize the Indian shipbuilding industry. The governments of both countries decided to provide support for facilitating private sector discussion on ways to cooperate in this area. A Joint Working Group that includes the government and private sectors of the two countries will be established to facilitate cooperation in the shipbuilding sector;
g. Cooperation for stable maritime transport, possible joint business projects in the area of shipping and logistics, and promotion of employment of both countries’ seafarers;
h. Cooperation to expedite the necessary procedures for mutual export of fresh fruits and horticultural products;
i. Progress made in establishment of the Korean Industrial Park in the State of Rajasthan. They agreed that the Industrial Park will help Korean small and medium enterprises to benefit from ‘Make in India’ initiative. They shared the same view that it is desirable to establish more offices of both countries’ respective trade agencies, including KOTRA, to facilitate trade, investment and industrial cooperation between the two countries;
j. The first meeting of the Korea-India CEO Forum which will be held in Seoul on 19 May 2015. The CEO Forum will play a significant role to boost exchanges and dialogues between enterprises of the two countries, enhance mutual investment and further pragmatic bilateral business cooperation; and
k. The decision to set up an India-Korea Joint Working Group in the field of Electronics Hardware manufacturing to enhance co-operation and facilitate business collaboration through joint ventures and technology transfer on a commercial basis between Indian and Korean electronics manufacturing companies, and the creation of a business friendly environment in this field.
Culture, Education and People-to-People Exchanges
— In view of the long history of cultural contact between the Indian and Korean people, President Park welcomed Prime Minister Modi’s decision to send a full Festival of India in Korea in autumn of 2015. India also welcomed an opportunity to host a Festival of Korea in India in 2016. In this context, the two leaders also welcomed efforts to strengthen their historic connection by enhancing linkages of Korean people with Ayodhya, and agreed to upgrade the monument for Queen Suriratna /Hur Hwang-ok in Ayodhya as a joint project between the two sides. President Park expressed deep appreciation of Korean people for the gift of holy Bodhi tree sapling.
— The President and the Prime Minister called for an intensification of youth delegations to encourage greater understanding and interaction between the future leaders of the two countries. Indian side expressed interest in enhancing cooperation among educational institutes of the two sides, including among relevant technological institutes and in language teaching.
— Both leaders agreed to encourage establishment of twin city and twin province/state relationships to deepen and broaden people-to-people exchanges.
Agreements and MOUs signed in the presence of the two leaders:
a. Agreement between the Government of the Republic of India and the Government of the Republic of Korea for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income;
b. Agreement between the Government of the Republic of India and the Government of the Republic of Korea on Cooperation in Audio-Visual Co-production;
c. MOU for Cooperation between the National Security Council Secretariat of the Republic of India and the Office of National Security of the Republic of Korea ;
d. MOU between the Ministry of Power of the Republic of India and the Ministry of Trade, Industry and Energy of the Republic of Korea concerning Cooperation in the field of Electric Power Development and New Energy Industries;
e. MOU between the Ministry of Youth Affairs and Sports of the Republic of India and the Ministry of Gender Equality and Family of the Republic of Korea on Cooperation in Youth Matters;
f. Framework of Cooperation in the Field of Road Transport and Highways between the Ministry of Road Transport and Highways of the Republic of India and the Ministry of Land, Infrastructure and Transport of the Republic of Korea; and
g. MOU between the Ministry of Shipping of the Republic of India and the Ministry of Oceans and Fisheries of the Republic of Korea on Cooperation in the Fields of Maritime Transport and Logistics.
