India and South Korea have upgraded the economic content of their bilateral relationship as the East Asian country has offered $10 bn in India’s infrastructure expansion effort. Both sides also decided to advance their Double Taxation Avoidance Agreement (DTA) to encourage investment efforts.
In his third and last destination of the current visit, after China and Mongolia, the Prime Minister has engaged in wide range of talks extending from security to cultural exchanges.
But of all, South Korea’s participation in India’s infrastructure development efforts has substance.
Especially, after Japan and Chinese participation, the rising East Asian country’s technological and financial capability is deep in cooperating with India’s infrastructure development programme.
“We consider Korea a crucial partner in India’s economic modernization” – Modi has told in his meeting with the Korean President Park Geun-hye.
Agreements reached later on Transport and energy sector indicate Korean participation in Infrastructure development.
Modi has also invited Korean companies to participate in Make in India initiative, as many Korean companies dominate the Indian markets especially in electronics and automobile.
Seven agreements were reached by the two sides. Upgradation of the DTA, renewable energy, transport, cooperation in the field of maritime transport and logistics, cultural exchanges and security engagement are the leading among them.