Indian PM Modi, President Park talk defense, economic ventures partnership

Indian Prime Minister Narendra Modi, left, and South Korean President Park Geun-hye hold a joint news conference at the presidential Blue House on May 18, 2015 in Seoul, South Korea. (Photo via AP)

Indian Prime Minister, Narendra Modi arrived in South Korea on Monday, 18th May 2015, in an effort to strengthen the diplomatic ties between the two countries and deepen cooperation in defense sector as they signed seven agreements including on avoidance of double taxation.

PM Modi, who had been on a three-nation tour, starting from China and Mongolia, arrived in Seoul and held talks with South Korean President Park Geun-hye at her office and residence, Cheong Wae Dae.

“We have laid the foundation for a relationship that two major Asian countries with shared values should have,” said PM Modi. He also noted that he considers South Korea a leading partner in India’s efforts to develop a world class manufacturing sector.

Indian Prime Minister Narendra Modi, center, and South Korean President Park Geun-hye, left, are greeted by South Korean elementary school students during a welcoming ceremony at the presidential house in Seoul, South Korea, Monday, May 18, 2015.(AP Photo)

“Our relationship started with a strong economic emphasis. But, it has also now become strategic in content,” the Prime Minister said.

He said that his visit to South Korea came at a time of renewed momentum in the Indian economy. He talked about how ‘I’ in BRICS – Brazil, Russia, India, China and South Africa – was losing its importance but since he took office a year ago, India is gaining its economic value back.

His trip also includes talks with South Korea’s largest business companies like Hyundai, LG and Samsung, all three of which operate plants in India and enjoy sizable shares of the vast consumer markets for cars, smartphones and home appliances.

“Korean companies have the edge to succeed in India,” said Modi stressing the opportunities being created by his “Make in India” initiative aimed at boosting the nation’s relatively weak manufacturing sector.
India also needs help upgrading its outdated transport infrastructure — a constant source of frustration among foreign firms operating there.

South Korea’s Finance Ministry and the Export-Import Bank of Korea said Monday they intended to provide $10 billion dollars in loans and funding for Indian infrastructure projects including railways and power generation as the outdated transport infrastructure has been a hindrance among foreign firms operating in India.

“We have laid the foundation for a relationship that two major Asian countries with shared values should have,” Modi said.

He also shared President Park’s concerns that production of nuclear and other weapons of mass destruction will not be in the interest of countries of the region. He offered India’s support to Korean people for peaceful reunification of the Korean Peninsula.

Indian Prime Minister Narendra Modi, left, shakes hands with South Korean President Park Geun-hye during a meeting at the presidential Blue House Monday, May 18, 2015 in Seoul, South Korea. (Photo via AP)

Indian Prime Minister Narendra Modi, right, burns incense at the National Cemetery in Seoul, South Korea, Monday, May 18, 2015. Modi arrived Monday for a two-day visit to meet with South Korean President Park Geun-hye and to discuss economic ties and boost bilateral cooperation. (AP Photo)