May 19, 2015 10:40
President Park Geun-hye and Indian Prime Minister Narendra Modi on Monday agreed to boost cooperation in defense, diplomacy, trade and investment, science and technology and culture.
"I expect today's summit to set a major milestone in strengthening relations and cooperation between Korea and India," Park said as the two met at Cheong Wa Dae.
With a population of 1.2 billion, India is often seen as the next China for its tremendous growth potential.
The two leaders also pledged to start negotiations next year on revising the Korea-India Comprehensive Economic Partnership Agreement (CEPA). The two sides signed the pact in 2010, but it requires revision since it contains areas that are disadvantageous for Korea compared to a similar agreement India signed later with Japan.
The government and the Export-Import Bank of Korea will provide US$10 billion for infrastructure projects in India to build 100 smart cities and a high-speed railway as well as improve existing railroads.
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