The visiting South Korean President Lee Myunk-bak will meet Prime Minister Manmohan Singh on Monday in a bid to strengthen the bilateral relationship between the two countries. A joint statement by the two leaders is on the cards.
The meeting is expected to discuss productive ways of implementing the bilateral free trade pact, which is part of Comprehensive Economic Partnership Agreement (CEPA), effective from last New Year. Lee expressed optimism that by implementing CEPA, the bilateral relation will reach a higher level than economic and trade cooperation.
Signing of MoUs are also on the agenda, mostly in IT, science and space technology fields. An IT-software cooperation foundation will be established as a part of this effort. Both the countries plan to raise funds to tune of $5 million on a yearly basis.
President Lee expressed hope that South Korea’s hardware manufacturing expertise and India’s advanced software skills can create synergetic effect to bring about better cooperation between the countries in IT sector.
Lee feels India’s nuclear power plants offer another area of cooperation between the two countries. He said, “In particular, I hope South Korea with superb technology will take part in India’s nuclear power plant construction projects.” South Korea recently entered the nuclear reactor exporters club when it was awarded the contract to construct four nuclear reactors in the UAE.
India offers vast opportunities for South Korea with its 17 already operational nuclear reactors and 6 more in the pipeline. The demand for more nuclear power plants is expected to grow in the coming years.
The former mayor of Seoul is on a four-day visit to India, as chief guest of India’s Republic Day celebrations.
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