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South Korea & India agree to forge CEPA by end of this year

Apr '07
To promote economic cooperation between India and South Korea, a Comprehensive Economic Partnership Agreement (CEPA) will be signed this year, said Mr. Lee Myung Bak, Former Mayor of Seoul, Metropolitan Government, South Korea , at a meeting organised by the Confederation of Indian Industry (CII), here.

The launch of a South Korea – India Commission for a better future was proposed by Mr.Bak. The Commission should look at the need of new Asian strategy as well as draw a comprehensive roadmap to expand cooperation between the two countries, said Mr. Bak. The Commission will also serve as a link between north-east and south-west Asia, he added.

He mentioned that economic exchanges between the two countries have been very active in investment; however Indian investors have been slow in investing in Korea compared to Korean companies. India is world leader in computer software and data processing whereas Korea is a world leader in IT hardware and infrastructure, said Mr. Bak. He also mentioned that In dia-South -Korean alliance can lead to dominance of IT field in the world market.

Mr. Bak said that Indian companies can list their equity on the South Korea Exchange and can get the assistance of South Korea Exchange in raising capital by issuing bonds in South Korea. The South Korean companies are also willing to fund the infrastructure projects in India , he added.

India and South Korea bilateral relations are on strong footing and poised for achieving greater heights in future, said Mr. Rajive Kaul, Chairman, CII International Council and Chairman NICCO Corporation.

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