South Korean President to meet PM Modi in July
South Korean President Moon Jae-in will hold meetings with Prime Minister Narendra Modi in the Capital on July 10 this year, as the North Asian economic powerhouse seeks to tap opportunities in developing rail, road and port infrastructure in India.
According to South Block officials, while the official process to finalise the bilateral documents to be signed is on, South Korea is expected to deliver on the 2014 agreement for technical cooperation in the railways sector (in areas such as high speed trains, modernisation of coaches, railway operations, modernisation of signalling, construction and maintenance technologies, and development of logistics parks and terminals.
South Korea is also interested in the development of New Delhi Railway Station as a major transportation hub at the cost of Rs10,000 crore.
Road transport, highways and shipping minister Nitin Gadkari was in Seoul last month for four days to discuss South Korean investment in the roads and ports sector.
Gadkari was apparently assured of Korean investments in ports and highways during his bilateral interactions. South Korean investment in India through the “Make in India” route have gone up by $3.5 billion in the past one and a half years alone.
While South Korean car giant Kia Motors is slated to roll out its first vehicles from its Anantapur plant in Andhra Pradesh by September 2019, multinational conglomerate Samsung is expected to double its production in India.
Kia Motors has invested $1.5 billion in two tranches in India for its Anantapur plant with another $700 being invested by the 20 tier-I Kia car parts suppliers.
Although South Korean foreign minister Kang Kyung-wha was expected to visit India this month as part of visit preparation, his trip now stands postponed due to Seoul’s preoccupation with its high decibel engagement with North Korea over denuclearisation of the Korean peninsula.
South Korea is looking towards the meeting between US President Donald Trump and North Korean supreme leader Kim Jong-un for a long lasting solution between the divided Koreas.