India and South Korea signed 11 agreements on Tuesday while South Korean President Moon Jae-in was on his four day visit to India. The agreements would expand the business ties between the two countries and increase the mutual trade by double or more. The target is to reach USD 50 billion by 2030.
The agreements were signed a day after the inauguration of the South Korean company, Samsung Electronics Co. Ltd.’s largest mobile phone manufacturing unit in Noida.
During the 2017-18 fiscal year, the bilateral trade between the two nations rose a quarter to USD 20.8 billion. Out of this rise, USD 16.4 billion was in favor of South Korea.
The agreements signed on Tuesday accelerated the negotiations to further develop the 2009 ‘Comprehensive Economic Partnership Agreement.’ It was also a step up to expand cooperation in railways, healthcare, telecom and cybersecurity.
The agreements would also allow a tripartite partnership for development in third world countries beginning with capacity building programmes in Afghanistan devastated by war.
The inauguration of Samsung’s manufacturing unit comes at a juncture when Modi is trying to create new jobs for millions of Indians. A promise that brought him to power in 2014. Creating new jobs has become crucial for the Modi Government as it is set to face another election next year.