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India actively pursuing setting up exclusive SEZs for Korean firms: Suresh Prabhu

Korea to extend cooperation with India in shipbuilding, says President Moon Jae-in

 

The President of the Republic of Korea, Mr Moon Jae-in has 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 new areas of cooperation such as shipbuilding, medical devices and food processing.

 

Speaking at the India-Korea Business Forum’ organised by FICCI and the Korean Chamber of Commerce and Industry (KCCI) here, President 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, he said, 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.

 

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

 

Mr Prabhu said that the Indian government was actively pursuing the idea of setting up Special Economic Zones (SEZs) exclusively for Korean companies in order to give 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.

 

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

 

Source : Exim News Service - NEW DELHI, July 10

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