S. Korea must enhance ties with India: finance minister

SEOUL, Jan. 19 (Yonhap) -- South Korea needs to increase cooperation with India
in diverse areas where they can create synergy by combining the competitive
strengths of each nation, Seoul's top economic policymaker said Tuesday.
"Korea and India have a long history of exchange and cooperation based on common
history and experience ... Recently, we have seen significant progress in
bilateral economic relations, especially in trade and investment," Finance
Minister Yoon Jeung-hyun told a meeting with businesspeople in Seoul.
"Despite such rapid increase in bilateral trade and investment, there are still
large areas of cooperation for further growth, considering the size of both
economies," he added.
The minister made the remarks in a prepared speech at a ceremony in Seoul to mark
the launch of the Indian Chamber of Commerce in South Korea. The chamber was
established to represent the interests of Indian companies operating here and
Korean firms doing business in India.
"First, cooperation in the private sector needs to be made in industrial areas
where either country has competitive advantages. Korea can boast of its advantage
in manufacturing industries, while India has strength in knowledge and service
industries," the minister said.
"Economic cooperation also needs to be strengthened in building infrastructure,
such as roads, railways, telecommunication networks, power generation and ports
as India's economy shows rapid growth," he added.
Yoon said that both nations need to work together in the science and technology
field as well, where India has a competitive edge. He called for India to help
guide South Korea, which recently launched its first rocket into space.
"There is no shortage of interest in developing the aerospace industry. I hope
India's advanced capabilities in this field would be a good guide for Korea,
which has just taken its first step into outer space," he said.
On the global stage, both nations must work together to resolve major issues,
Yoon said, asking for India to deepen global cooperation with South Korea through
platforms such as the summit of the Group of 20 advanced and emerging economies,
which Seoul will host in November this year.
kokobj@yna.co.kr
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