SME Times News Bureau | 03 Nov, 2012
India and South Korea have signed an agreement to provide $1.1 billion worth of financial support to step up business cooperation.
The agreement was signed after talks between Indian Finance Minister P. Chidambaram and South Korea's Minister of Strategy and Finance Jaewan Bahk here Friday, Yonhap news agency reported.
Friday's meeting was the third bilateral one between the two countries. The first meeting of finance ministers was held in Seoul in September 2006 and the second in New Delhi in January 2011.
The two countries have signed a comprehensive economic partnership agreement (CEPA) that covers all areas of bilateral relations, including defence, science and technology and cultural exchange.
The two sides reviewed the macro-economic trends and outlook, and measures to increase investment opportunities in the two countries.
On the table was co-financing infrastructure projects, public procurement, revision of the double taxation avoidance convention (DTAC), sharing of information between taxation authorities and modernisation of customs system of both nations.
