INDIA, KOREA AGREES TO FORM A JOINT INVESTMENT PROMOTION COMMITTEE
India
and Korea have agreed to form a Joint Investment Promotion Committee
to increase the trade and investment. Both the countries are expected
to sign an agreement regarding this in November this year in the
Fourth Meeting of India-Korea Trade Ministers’ Meeting (JTC) in
Seoul, South Korea. This was agreed upon in a meeting between
Shri Murasoli Maran, Union Minister of Commerce and Industry and
9-member Korean delegation led by Dr. Ki-ho Lee, Senior Adviser
to the President for Economy, Welfare and Labour, as a Special
Envoy of the President of the Republic of Korea, here today. The
Korean side also suggested to institute a Committee of Indo-Korean
economic research institutes for cooperation in the field of trade
and investment. Shri V. Govindarajan, Secretary, Department of
Industrial Policy & Promotion, was also present in the meeting
along with senior officials of the Ministry of Commerce &
Industry.
Shri
Maran requested the Korean side that organic chemicals, pharmaceuticals,
dyes be included for concessional tariff under the Bangkok Agreement.
He told that India is giving top most priority to develop infrastructure
and said that products like steel, aluminium, marine products,
dyes, manganese ore are advantageous for Korea if they import
it from India. This would help in balancing the bilateral trade
which is at present adverse towards India, he added. The Minister
also mentioned that the rate of return of investments is much
higher in India than China, according to some independent agencies
and asked Korean side to take benefit of abundant trade potential
which exists in India.
Indo-Korean
trade registered a growth of 18.66% during 2001-02 amounting to
US $ 1585.43 million. The Indian exports to Korea during 2001-02
were of the order of US $ 466.52 million registering a growth
of 4.50% whereas the imports from Republic of Korea amounted to
US $ 1118.91 million.
