Swaraj to visit South Korea; aims to bridge trade gap

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SME Times News Bureau | 27 Dec, 2014
External Affairs Minister Sushma Swaraj will be in Seoul this weekend for an India-South Korea joint commission meeting that will be the first structured talks between the two countries since the NDA government assumed office in May.

During her two-day visit from Dec 28, the minister will invite South Korean industrialists to invest in India to bridge the country's trade deficit.

External affairs ministry spokesperson Syed Akbaruddin said: "External affairs minister's visit will intensify our exchanges with an important country, which we consider crucial in our East Asian Policy."

On a query, Akbaruddin said the two countries have signed a civil nuclear cooperation agreement and decided to work together on next generation reactor.

He said research and development and training of scientific personnel have been identified as areas for cooperation.

Sushma Swaraj will be accompanied by senior officials from the ministries of defence, shipping, commerce and industry along with that of the external affairs.

The annual trade between the two countries is over $16 billion, but South Korea has substantial trade surplus.

Sushma Swaraj is expected to seek South Korean investment as part of 'Make in India' initiative of the Indian government to bridge this gap.

Akbaruddin said South Korean companies have invested $3 billion in India and employ about 40,000 people. while Indian companies have invested about $2 billion in that country.

Akbaruddin said India and South Korea were keen to take their relationship forward.

Replying to a question about defence cooperation, Akbaruddin said India welcomes South Korean participation in defence joint ventures and its participation in defence acquisition programme.