Tuesday, January 26, 2010

Korea Embraces the India's Look East as well as Asia Policy"

Seoul Embraces 'Look Asia Policy'

President Lee Myung-bak urged business leaders of Korea and India Monday to step up cooperation in the IT and services sectors, industrial infrastructure development and exchanges of technology and human resources.
Lee made the remarks in an address at a Korea-India business forum here, which attracted some 350 entrepreneurs and economic policymakers from the two countries.

"Korea and India have increased bilateral trade by more than 800 times since the establishment of diplomatic relations in 1973," Lee said. "Currently, some 50,000 Indian people are working for 380 Korean firms, a fact that reflects there has been great progress in Korea-India relations."

He called for joint efforts to develop the IT and services industries.

"The Look East Policy and my New Asia Initiative share common goals of economic development and regional prosperity," the President said. "In this regard, I propose joint projects in the IT and services sectors and for the development of industrial infrastructure, tourism and cultural exchanges."

The Korean president is focusing on holding active discussions with policymakers and businesspeople here to lay the groundwork for stronger business ties between the two nations.
South Korean officials hope the visit will provide a crucial opportunity for the two nations to discuss ways to set the future course of action following the CEPA, a de-facto free trade accord.
Seoul and New Delhi are seeking to double bilateral trade between Korea and India to $30 billion by 2014.

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