India & South Korea fix for More Than Double Trade To $50 Billion by 2030
India and South Korea are expanding their business collaboration with an aim to heighten the bilateral trade to US $50 billion by 2030 by signing 11 agreements on different perspectives, the two countries' leaders said Tuesday. As per estimation the Bilateral trade between the two countries rose by nearly a quarter to $20.8 billion in the 2017/18 fiscal year that ended in March, with $16.4 billion of that in favour of South Korea. Major South Korean companies including Samsung and Hyundai Motors are everyday usual names across the country, and visiting South Korean President Moon Jae-in said he hoped that smaller companies from his country could make a replica of their success here which is an extensive growing up Trading platform in the world. Indian Prime Minister Mr. Narendra Modi enjoined their business communities to step up investments and promote joint ventures.
A day before i.e on Monday, these two leaders of both the countries traveled in a metro train to Noida and launched a Samsung mobile phone factory on the outskirts of Delhi, which the company said has become the world's biggest mobile phone manufacturing plant, and This $728 million facility is expected to create more than 2,000 jobs in India. "Going forward I hope that more Korean companies will invest in India so that the foundation for mutual prosperity can be further expanded," President Moon said after meeting to Prime Minister Modi on the third day of his four-day visit.
The mutual agreements signed between the countries included accelerating negotiations to upgrade a 'comprehensive economic partnership agreement' signed in 2009, as well as expand cooperation in railways, healthcare, telecommunications, cyber security, business cooperation, cultural exchanges, technology sharing and scientific research. Both countries are also agreed to explore tripartite affiliations for development in third countries, beginning with capacity building programmes in Afghanistan. India already has close commitment with Afghanistan and is serving to rebuild the country and its infra.
After their interaction, PM Modi credited President Moon for South Korea's peacefulness breakthrough with North Korea and propounded India's support in taking that forward. In an apparent endorsement of Modi's electoral prospects, Moon said he would eagerly await the Indian leader's visit to South Korea in 2020. Moon is on a four day state-visit to India and will travel to Singapore on Wednesday.
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