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Visit of Minister of Finance, Corporate Affairs & Defence to ROK


          Minister for Finance, Corporate Affairs and Defence Shri Arun Jaitley reached Seoul today to co-chair the Fifth India-Korea Financial Dialogue with newly-appointed Deputy Prime Minister and Finance Minister of the Republic of Korea, H.E Mr Kim Dong-yeon.

          Noting that Minister Jaitley was the first foreign dignitary to be received in his tenure, Deputy PM 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 a need for the two countries to increase efforts to stimulate investment flows, support for infrastructure development, and bilateral trade.  As the world’s fastest growing large economy, India offers Korea important opportunities to deploy its capital and technologies, and for India, Korea’s interest in finding new openings to diversify its economic partnerships offers India great opportunities.

          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 implemented a decision taken during the State Visit of Prime Minister Modi to Korea in May 2015. With this, Korea became one of the first non-G-7 countries to become an official development assistance contributor in India. The Ministers also agreed to consider deploying part of this fund towards 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, Minister Jaitley met Korean Defense Minister Gen. HAN Min-koo. The two Ministers discussed the rapidly growing bilateral defence partnership. 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 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.

          Tomorrow, Minister Jaitley will call upon President Moon Jae-in. He will also meet leading Korean financial manufacturing companies in several rounds of meetings.  

 

Seoul

June 14, 2017

 

 
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