USD 50 billion bilateral trade target set for 2030: MEA

The two leaders announced future cooperation in defence co-production and defence technology.

Seoul: The current bilateral trade between India and South Korea is pegged at USD 21 billion and the target that has been set is USD 50 billion by the year 2030, the Ministry of External Affairs (MEA) said on Friday.

Summing up Prime Minister Narendra Modi's two-day visit, Vijay Thakur Singh, Secretary (East) MEA, said, "There was an exchange of views between PM Modi and South Korean President Moon Jae-in on global & regional situations. President Moon Jae-in strongly condemned the Pulwama attack as a terrorist attack."

She informed that the Prime Minister interacted with business people, South Korean parliamentarians and the Indian community during the short visit.

A private dinner was hosted by Moon in honour of the visiting dignitary, said Singh.

Revealing the discussions held between the two sides, Singh elaborated, "The two leaders reviewed the entire gamut of relations and they laid down the roadmap for the future based on the shared vision of people, peace and prosperity for the future."

"Flagship programmes were also discussed. Korea has been behind the 'Make in India' initiative. The Koreans have invested in it already. The topic was figured in today's discussions where the Koreans expressed further interest in the Make in India programme and other areas," she added.

She further said that on the defence, the two leaders announced future cooperation in defence co-production and defence technology.

Singh stated that Moon expressed his interest in the defence corridors that is being developed in Tamil Nadu and Uttar Pradesh, during the talks.

In a boost to enhance people-to-people ties, there will be a co-production of a film on Princess Queen Hur (Suriratna), a legendary Princess of Ayodhya, who went to Korea in AD 48 and married King Kim-Suro. A large number of Koreans trace their ancestry to the princess.

"Korea also took the decision of visa facilitation for group tourism. From our side, visas for Korean nationals working in India has been extended for three years," said Singh.

Modi extended India's support in the ongoing denuclearisation negotiations and expressed hope for peace and stability in the Korean Peninsula.

Modi had arrived in Seoul on Thursday morning with the aim of strengthening the special strategic partnership between South Korea and India and boosting bilateral trade and cultural ties. During the visit, six MoUs were signed for boosting cooperation in key areas, including combating terrorism and enhancing trade and investment.

Underlining that radicalisation and terrorism are the biggest threats to global peace and security, the Prime Minister on Friday said that time has come for all right-thinking nations to join hands to eradicate terror networks.

Modi, who was conferred the Seoul Peace Price by the South Korean government, in recognition of his service to international cooperation, global growth and human development, said at the ceremony, "This award does not belong to me personally but to the people of India, the success India has achieved in the last five years, powered by the skill of 1.3 billion people."

( Source : ANI )
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