India and South Korea signed nine pacts to boost trade and investments
To boost bilateral ties, India and South Korea signed nine agreements to deepen economic cooperation and strengthen defense engagements. The agreements were signed after delegation level talks between Prime Minister Dr. Manmohan Singh and visiting South Korean President Park Geun-hye in New Delhi.
- The pacts viz. Protection of Classified Military Information, peaceful use of space, establishment of NalandaUniversity, cyber space cooperation, etc.
- Prime Minister Manmohan Singh assured that work on the $12 billion steel mill in Odisha by South Korea’s Posco will soon become operational. Posco project is the biggest FDI in India.
- India has also decided to extend tourist visa on arrival facility to the nationals of the Republic of Korea.
- There is the possibility of setting up a KoreanIndustrial Park in India.
South Korea and India agreed to revise their double taxation avoidance pact in a way that helps reduce tax burden on their companies and expand information sharing on offshore tax evasion.