India, South Korea announce strategic partnership, ink pacts - Summary

New Delhi - India and South Korea Monday decided to upgrade their bilateral relations to a "strategic partnership" even as Asia's fastest-growing economies signed four accords to cooperate in areas such as information technology and space. South Korean President Lee Myung Bak and Indian Premier Manmohan Singh met in New Delhi discussed a wide range of bilateral, regional and global issues including boosting economic and trade ties, UN reforms and cooperation in civilian nuclear energy, defense and civilian space technologies.

"Considering that India-Republic of Korea partnership is a factor for peace and stability in Asia as well as between the two countries, the two leaders decided to enhance bilateral relations to a Strategic Partnership," a joint statement issued at the end of the talks said.

According to the statement, the partnership will span diverse areas such as trade, science, technology, culture, as well as political and security cooperation and working together in the international arena.

"We are committed to developing a robust and comprehensive framework for strategic engagement with Korea," Singh said in his remarks following the discussions.

"Your state visit today reflects our mutual commitment to strengthen relations between our countries. ... We would like to learn from the Korean experience as we enhance our own efforts to achieve rapid and inclusive growth in India," Singh added.

The two countries signed inked four accords - related to cooperation in peaceful uses of outer space, information technology, science and technology for the year 2010-12 and transfer of sentenced prisoners.

They also agreed to set up a fund of 10 million dollars (with each side contributing 5 million dollars) to promote bilateral research ventures.

During the discussions, New Delhi sought Seoul's cooperation in the area of civil nuclear energy cooperation. Lee said his country was keen to forge cooperation in this field and would examine the possibilities, Indian foreign officials said.

South Korea, a member of the 45-nation Nuclear Suppliers Group, backed the consensus in the NSG for re-opening global nuclear trade with India in September last year.

The issue of the 12-billion-dollar South Korean Posco steel project in eastern Orissa, the largest direct foreign investment in India, was also discussed.

The plant has drawn protests from local residents. Singh assured Lee that Indian authorities were taking steps to expedite the project...

Source: Earth Times.
Link: http://www.earthtimes.org/articles/show/305684,india-south-korea-announce-strategic-partnership-ink-pacts--summary.html.