President Park calls for upgrade in Korea-India economic cooperationUpdated: 2014-01-17 PM 10:00:31 (KST)
The trade volume between Korea and India has surged more than 14-hundred times since the two nations established diplomatic ties in 1973.
But President Park says this is only the beginning.
During a Korea-India business forum on Friday, President Park pointed to three ways to further boost the two nations' economic cooperation: cooperating in the sector of the creative economy, expanding cooperation to small- and mid-sized firms and upgrading the Korea-India Comprehensive Economic Partnership Agreement.
President Park said putting India's content and software know-how together with Korea's commercialization skills would allow the two countries to create synergy in new sectors.
She also stressed that investments, which were until now mainly made by conglomerates, should now be expanded to SMEs.
"Should cooperation in investment between the two countries spread to SMEs, our economic cooperation will develop in a more balanced and stable manner."
Raising the level of trade liberalization in the Korea-India CEPA was another point of emphasis.
Earlier in the day, President Park attended an IT market expo, which aims to lay the path for Korean companies to enter the Indian market.
"It usually takes time to sign a contract, but the deal was signed today right in time for your visit."
"I am also very pleased to hear the good news upon my arrival here."
She also met with Korean and Indian experts and businessmen engaged in the IT and software sectors, and emphasized the need to converge Korea's [quote] "hardware" and India's software.
"If the two countries could create a creative cooperation model in the ICT industry, we could overcome the current limits and challenges, and open opportunities to lead in the global market once again."
President Park secured a promise from the chairman of India's Mahindra Group to further expand its investment in Korea.
Mahindra & Mahindra owns more than 70 percent of Korean automaker Ssangyong Motor's shares.
"President Park will head to Switzerland on Saturday, where she will seek to boost cooperation with the European country, which is strong in science and technology and vocational training, and is known for its economic system centered around small- and mid-sized firms.
Eoh Jin-joo, Arirang News, New Delhi."
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