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2014-01-20

South Korean President calls for better cooperation among Korean and Indian SMEs

South Korean President Park Geun-hye who was on a four day visit to India last week has called for liberalising visa regime and improving business cooperation among small and medium enterprises to create more jobs in India as well as South Korea.

South Korean President Park Geun-hye who was on a four day visit to India last week has called for liberalising visa regime and improving business cooperation among small and medium enterprises to create more jobs in India as well as South Korea.

 

Addressing Indian industry bodies and associations in New Delhi, she said that the Indian government's environment clearance to the Rs 52,000 crore Posco steel project will inspire other big companies to invest in the country.

 

"When the Posco project in Orissa kicks off on full scale, it would inspire other large conglomerates in Korea to channelise investible funds into India," the President said.

 

Referring to the Comprehensive Economic Partnership Agreement, signed in 2009 and operationalised in 2010, Geun-hye said there is a need to negotiate it with authenticity to help businesses from the two sides to reap the benefits of CEPA.

 

"Since the operationalisation of CEPA, trade in volume terms has risen 70 per cent but the agreement leaves much to be desired. Its content does not match with that of other FTAs," Geun-hye said.

 

There is enough potential to raise the level of trade and investment to much higher levels through optimum utilisation of the CEPA and liberalisation of the visa regime for greater people-to-people contacts, she added.

 

The Commerce Ministry earlier last week commissioned a study to assess the impact of free trade agreement (FTA) with South Korea, with which India had a trade deficit of about $9 billion in 2012-13.

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