S Korean Prez visit: $10 billion infrastructure pacts likely

New Delhi: India is gearing up for the four-day visit of South Korean president Moon Jae-in from Sunday, even as the South Korean side has earmarked a whopping $10 billion as “financing arrangement for infrastructure development in India”.

The South Korean President and Prime Minister Narendra Modi will hold talks in New Delhi next week on Tuesday during which the situation in the Korean peninsula is expected to be discussed.

The two leaders are also expected to visit a manufacturing plant of South Korean manufacturing giant Samsung in UP’s Noida near Delhi on Monday.

The South Korean President will also participate in an Indo-South Korean CEO round-table conference.

“A financing arrangement of $10 billion has been set by the RoK (South Korean) side for infrastructure development in India,” the MEA said on Thursday.

The trade and economic relations between India and Republic of Korea (South Korea) have gathered momentum in recent years with bilateral trade reaching $16.8 billion in 2016-17. India is the 13th largest trade partner of South Korea. The bilateral Co-mprehensive Economic Cooperation Agreement set in place since 2010 has spurred the trade relations.

Bilateral economic ties received a boost from the visit of Prime Minister Modi to RoK in May 2015.

The MEA had stated earlier this week, “President of the Republic of Korea Moon Jae-in will pay a state visit to India from July 8-11. During the visit, a ceremonial reception will be accorded to President Moon.”

The ministry said President Moon will hold discussions with Mr Modi on a wide range of “bilateral, regional and global issues of shared interest with a view to further strengthen the special strategic partnership between the two countries”.