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SAT, 2014-11-29  KST

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Accomplishments made during President Park's trip to India & Switzerland
Updated: 2014-01-24 03:48:46 KST

President Park's nine-day trip to India and Switzerland was focused on making it easier for Korean firms to enter overseas markets, calling for more investment in Korea and seeking cooperation in the creative economy sector.
Korea and India decided to upgrade their Comprehensive Economic Partnership Agreement, or CEPA, in the near future, by raising the trade liberalization level, which is, under the current pact, at 75 percent, 15 percent lower than the CEPA between India and Japan.
President Park and Indian Prime Minister Manmohan Singh also agreed to revise the tax treaty between the two nations to prevent double taxation.


"We believe that will lay an important foundation to enhancing the two countries business environment and expanding investment"

President Park was also able to secure promises from the Indian government to resolve the obstacles that have been blocking progress in POSCO's stalled project to build a steel mill in the Indian state of Odisha for roughly nine years now.
In Switzerland, President Park and her Swiss counterpart Didier Burkhalter vowed to work together to realize a "creative economy" through technological cooperation and by fostering specialized personnel.


"As Switzerland is one of the world's strongest countries in basic science, and Korea has strength in IT and application technologies, cooperation between the two nations will be of great help to both."

She also attended this year's World Economic Forum in Davos, and called on the world's business leaders to look for investment opportunities in Korea's "creative economy."
During an opening speech at the first session of the global event, President Park emphasized that the creative economy will lay a path to overcoming three major challenges facing the world: low growth, high unemployment and income disparities.


"Through start-ups and the innovation of existing businesses, a creative economy can generate new engines of growth and can grow jobs. There will also be less income inequality since anyone with a great idea can live out one’s dreams by starting a business."

Addressing concerns about the costs of reunification, an issue that keeps foreign investors from pouring money into South Korea, President Park said reunification would be a jackpot, not only for the two Koreas, but also for neighboring countries.
Eoh Jin-joo, Arirang News.

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