List of seven agreements inked between India and South Korea on Monday after talks between Prime Minister Narendra Modi and South Korean President Park Geun-hye in Seoul.
During his two-day visit to the country beginning today, PM Modi will also meet business leaders and attract investments of $10 billion for infrastructure projects.
Noting that India considers South Korea a “crucial partner” in its economic modernisation, Mr. Modi said South Korea can be a leading partner in India’s efforts to develop a world class manufacturing sector.
List Of Agreements Signed between the Two Nations:
1- Agreement on Double Taxation avoidance :
A memorandum of understanding (MoU) on Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income was inked.
2- On Security :
An MoU was inked for cooperation between the National Security Councils of both countries to formalise consultations in a number of areas.
3- Power and Renewable Energy :
An MoU for cooperation in areas of
- Renewable energy,
- Smart grids and power information and technology,
- Transmission and distribution of electric power,
- Energy efficiency and
- Storage system.
4- Agreement on Maritime Cooperation :
An MoU was inked for cooperation in maritime transport and logistics.
Also includes information sharing through sharing of technologies, information and experiences, the training of seafarers, exchange of experts and port operations.
5- Agreement on Road Management :
A Framework of Cooperation was inked for cooperation in
- Road policies,
- Design and construction,
- Road operation,
- Road management and safety,
- Intelligent transport systems and
- Electronic toll collection systems.
6- A bilateral Agreement on Cooperation in Audio-Visual Co-Production was inked for co-production of films, animation and broadcasting programmes.
7- An MoU was inked to strengthen and encourage cooperation on youth matters.
This Includes, Participation in events and activities through exchanges, international conferences, seminars, youth camps, festivals etc.
Other Developments :
South Korea will provide 10 billion US dollars to India for infrastructure, development of smart cities, railways, power generation and other diversified areas as the two countries agreed to upgrade their bilateral relationship to a “Special Strategic Partnership”
About South Korea :
- Capital : Seoul
- Currency : South Korean won
- President : Park Geun-hye