Finance Minister Arun Jaitley co
chaired the fifth India Korea financial dialogue with his South Korean
counterpart Mr Kim Dong Yeon on his arrival in Seoul on June 14 during the
first leg of his four day official visit to the Korean Republic.
Noting that the Finance Minister of India, Mr Jaitley is the First Foreign
Dignitary to be received in his tenure, Mr. Kim emphasized the importance that
the new Government of ROK attaches to the development of the special strategic
partnership with India.
The two Ministers reviewed the international economic situation, and
India-Korea bilateral economic ties in that context. They agreed that in the
face of uncertainty and the risk of rising protectionism, there was an urgent
need for the two countries to increase efforts to stimulate investment flows,
support for infrastructure development, and bilateral trade among others.
As the World’s fastest growing large economy, India offers Korea important
opportunities to deploy its capital and technologies in India, and for India,
South Korea’s interest in finding new openings to diversify its economic
partnerships offers India great opportunities.
Later, the two Ministers witnessed the Signing of Agreements to establish
US$ 9 billion in concessional credit and US$ 1 bn in ODA funding for
infrastructure development projects in India. This event implemented a decision
taken during the State Visit of Prime Minister of India, Narendra Modi to South
Korea two years ago.
With this, Republic of Korea became one of the First non-G-7 countries to
become an Official Development Assistance (ODA) contributor in India. Both the
Ministers also agreed to consider deploying part of this fund towards the Smart
City projects in India. They also agreed to establish a mechanism at senior
official levels, to identify good infrastructure projects in India, to draw
upon these funds.
Earlier in the day, Mr. Arun Jaitley met the Korean Defense Minister, Gen.
HAN Min-koo. The two Ministers discussed the rapidly growing bilateral defence
With the earlier signing of an Inter-Governmental Agreement on Strategic
Partnership in Defence Production, and the finalization of a Make-in-India
Project to manufacture 155mm Self-Propelled Artillery Guns in India, the two
Ministers expressed satisfaction at the rapid growth of ties since the last
meeting of Defence Ministers in April 2015.
They also welcomed the progress in building ties in Defence Education and
looked forward to the expansion of this relationship through Policy Dialogue (a
2+2 dialogue) and through service-to-service ties.