India, S Korea sign MoU to boost business-to-business contacts

India and South Korea on Thursday signed several agreements, including a tripartite memorandum of understanding involving EEPC India (formerly known as Engineering Export Promotion Council), the Confederation of India Industry (CII) and the Korea Trade and Investment Promotion Agency (Kotra) in New Delhi.

The signing of the MoU coincides with the visit of Korean President Park Geun-Hye to India.

Under the MoU, the three top trade promotion organisations will help improve the flow of information between India and South Korea, which is key to the business communities of the two countries.

The business-to-business contact will be improved through trade fairs, exhibitions, seminars and other promotional activities, an official release said.

Anupam Shah, chairman of EEPC India, Young Ho Oh, Kotra president and CEO and Ajay Shriram, president (designate) of CII, signed the MoU in New Delhi on Thursday.

The MoU provides a platform where the technical knowhow of both the countries in developing infrastructure can be shared, union minister of state for urban development Deepa Dasmunshi said while addressing an event to mark the signing of the agreements. She highlighted the importance of further stepping up India's bilateral engagement with Korea, which is amongst the most dynamic Asian economies.

India, she said, must explore possibilities of increased cooperation with South Korea, especially in urban transportation.

She said the visit of the Korean President would help further the engagement between the two countries.