BUSINESS

Meet with Modi will elevate economic relations: Moon Jae-in

India
file photo

New Delhi, July 9: South Korean President Moon Jae-in on Monday expressed the hope that his forthcoming summit here with Prime Minister Narendra Modi will help to take bilateral economic relations to the next level.

President Moon, who arrived in the capital on Sunday on his maiden official visit to India leading a 100-member business delegation, will hold official talks with Modi on Tuesday.

“Our bilateral trade of $20 billion annually, although not insignificant, is falling below our expectations,” Moon said in his address at the India-Korea Business Forum here organised by industry chamber FICCI. “I hope my summit tomorrow (Tuesday) with Prime Minister Modi will help take our economic relationship to the next level,” he said. The South Korean President pointed out that improving economic relations with India was a key element of his country’s new “Southern policy”.

“My new Southern Policy is aligned with Modi’s Act East policy. Both the policies will come to completion when prosperity spreads across the Asia,” he said. “This policy aims to move beyond economic cooperation to building a prosperous people-centric community of peace,” he added. Noting that there are 500 Korean companies doing business in India, Moon said,”The Indian government is planning to build 100 Smart Cities and construct industrial corridors to link the major cities. It is our wish to participate in these infrastructural projects.” He said a financing arrangement of $10 billion has been earmarked by the Korean government for infrastructure development in India. Moon noted that his Southern Policy aims to raise Korea’s relations with India to the level of those with the four major powers around the Korean peninsula. (IANS)