PM signs seven pacts with South Korea


India and South Korea signed seven bilateral agreements including one on Avoidance of Double Taxation and Prevention of Fiscal Evasion of taxes on income. Both nations agreed to upgrade their relationship to a ‘special strategic partnership’.

“Republic of Korea is the second country with which India will have a diplomatic and security dialogue in 2+2 format,” said PM Modi. Cooperation between armed forces between the two countries would be expanded. The PM also invited Korean investment in ship building.

Modi is set to meet up with South Korean largest conglomerates seeking investments. Among these are Samsung, Hyundai and LG, which enjoy vast market shares in India.

The Ministry of Strategy and Finance and the Export- Import Bank of Korea will provide India with 10 billion US dollars for development of smart cities, railways, power generation, infrastructure and other areas. Korean President Park Geunhye said that the ties between the two countries had progressed substantially and that both sides were committed to improving business environment.