India is actively pursuing the idea of setting up Special Economic Zones (SEZs) exclusively for Korean companies, said Commerce Minister Suresh Prabhu.

Speaking at the India-Korea Business Forum' organised by FICCI and the Korean Chamber of Commerce and Industry (KCCI), Prabhu said the idea of setting up Special Economic Zones (SEZs) exclusively for Korean companies is aimed at giving a fillip to the inflow of investment to India.

'The time was ripe to upscale India-Korea business relations from' K Plus' to 'K Squared', he added.

South Korean President Moon Jae-in affirmed his commitment to raise the level of Korea-India engagement by extending his government's new 'Southern Policy' of People, Prosperity and Peace (PPP) to '3P Plus' in the new areas of cooperation such as shipbuilding, medical devices and food processing.

Moon said that the 'Southern Policy' was aligned with India's 'Act East' policy. The synergy created by this alignment bode well for the future of Korea-India relations, he said.

Korea, said President Moon, would provide sufficient funds to infrastructure projects in India such as the Mumbai-Nagpur Freeway and work on expanding S&T cooperation, especially in the fields of aerospace and lunar exploration.

Suresh Prabhu, said that the two countries were moving constructively and taking advantage of the 'Early Harvest' provision in CEPA. He urged the Korean business to tap the opportunities available in India in areas such as marine product processing.

FICCI President Rashesh Shah, said that the Indian industry was enthusiastically looking forward to unprecedented growth in India-Korea trade and investment relations.