Prime Minister of India - Dr. Manmohan Singh

PM's media statement during his official bilateral visit to the Republic of Korea

“I am delighted to be on an official bilateral visit to the Republic of Korea. President Lee and I have just concluded our talks aimed at adding momentum and substance to our Strategic Partnership. Ours is a partnership built on shared values that provide a firm foundation for further development. President Lee has made an outstanding contribution to give added meaning and substance to our strategic partnership and I thank H.E. President Lee for that contribution.

In our discussions today, President Lee and I agreed that our strong economic ties are fundamental to our growing interaction. Bilateral trade has risen by 65% over the past two years since the implementation of our Comprehensive Economic Partnership Agreement. We have therefore set a new target of US$ 40 billion by 2015. We also agreed to accelerate work in progress to upgrade the Agreement and make it more ambitious.

I invited Korean firms to invest in India in a big way. Companies such as LG, Hyundai and Samsung are already household names in India. We would like to see small and medium sized Korean companies also making India a base for their manufacturing. I informed President Lee that India is making a huge effort in upgrading our physical infrastructure. We want Korean companies to help us realize this objective and benefit from the opportunities provided by this.

The Agreement just signed on simplifying visa procedures will make travel easier for business persons.

I felicitated President Lee and the people of the Republic of Korea for hosting yet another important multilateral meeting, the Nuclear Security Summit, here in Seoul. I requested him for Korea’s support to India's quest to join international regimes such as the Nuclear Suppliers Group, the Missile Technology Control Regime, the Australia Group and the Wassenaar Arrangement.

We agreed to expand our political and security cooperation. With this objective in mind, I informed President Lee of India’s decision to position a Defence Attaché at our Embassy here in Seoul before the end of the year.

We discussed ways and means to enhance cooperation between our scientists and technicians, including how to operationalize a joint Science and Technology Fund of US$ 10 million. India has also offered to launch Korean satellites on Indian space launch vehicles.

2013 will mark the 40th anniversary of the establishment of diplomatic relations between India and the Republic of Korea. We agreed to celebrate this year in a befitting manner.

On regional issues, we agreed to enhance our cooperation and coordination, including in the East Asia Summit process. I informed President Lee of the developments in the re-establishment of the Nalanda University and looked forward to Korean participation in this effort.

We also discussed ways to increase our coordination on global issues including in the G-20 and at the United Nations.

I am extremely pleased with the outcome of my discussions with President Lee this morning. I believe we have laid the foundation for a firm partnership for the coming years between our two great countries.

I have invited President Lee to visit India. Thank you very much.”