External Affairs Minister Sushma Swaraj, during her official two-day trip to Seoul, on Monday called for India and South Korea to work together to realise the full potential of the trade ties between the two nations.
"We need to work together to realize the fuller potential of bilateral trade. We had set a target of USD 40 billion by 2015. To achieve this target, our companies need to take full advantage of our economic complementarities and leverage the Comprehensive Economic Partnership Agreement," Swaraj said during the eighth India- South Korea Joint Commission Meeting.
Setting a bilateral trade target of USD 40 billion dollars by 2015 between the two countries, Swaraj also asserted that South Korea and its companies occupy a strategic place in India's 'Act East' initiative.
"My Government attaches importance to relations with Republic of Korea. We see you as an important partner for our economic growth. Korea and Korean companies occupy a strategic place in India's 'Act East' initiative," she said.
Pointing about the presence of South Korean companies which have had success in India, the minister further invited Seoul to build on its success and make bold investments to make use of 'Make in India' initiative started by the Prime Minister Narendra Modi-led government.
"We are happy at the success that the Korean companies have enjoyed in India. Today Hyundai, Samsung and LG have become household names in India. We invite Korean companies to build on their success in India and make bold investments to benefit from my government's focus on 'Make in India' which is aimed at providing necessary policy and other incentives to encourage manufacturing in India," she stated.
Expressing her gladness about the gracious hospitality extended to her during her visit here, Swaraj recalled about the meetings exchanged between the South Korean and the Indian leadership in Myanmar.
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"I recall our meeting in Nay Pyi Taw on August 10, 2014. We had very good discussions. Subsequently, our Prime Minister met President Park again in Nay Pyi Taw on 12 November, 2014. This was the first meeting between the two leaders. They covered wide ranging issues and reached a common understanding to further strengthen our Strategic Partnership," she said.
Swaraj further said that India would like to see a new form of connectivity between the two countries through cross-border production networks.
"Our relations are age old. Since ancient times, Buddhism has been an unbroken link connecting our two peoples. In modern times, our relations are further strengthened by our common commitment to peace, democracy, rule of law and pursuit of better living conditions for our peoples."
"We are inheritors of the pioneering spirit of the Queen from Ayodhya who travelled to marry King Kim Suro in 48 AD. Today, I look forward to exchanging ideas with you in diverse fields with the objective to further strengthen that pioneering spirit and explore ways to further enrich our bilateral Strategic Partnership," she added.
The External Affairs Minister, who is on a two-day trip to South Korea, had earlier in the day called on South Korea President Park Geun-hye as well besides other leaders of that country.
Swaraj is accompanied by senior officials from the Defence, Shipping, Commerce and Industry and External Affairs ministries.