S. Korean president in India to seek closer bilateral ties

Lee-India visit


By Lee Chi-dong
NEW DELHI/CHENNAI, Jan. 24 (Yonhap) -- South Korean President Lee Myung-bak
arrived in New Delhi Sunday for a four-day state visit aimed at deepening the two
countries' economic cooperation and bolstering bilateral efforts to tackle
regional and global challenges including security threats.

Shortly after landing at a military airport, Lee headed to an informal welcoming
dinner hosted by Prime Minister Manmohan Singh, according to Lee's aides.
The leaders are scheduled to hold a summit on Monday and issue a 31-point joint
statement.
Lee and Singh plan to discuss ways to fully implement the Comprehensive Economic
Partnership Agreement (CEPA), a trade pact signed between the two countries that
went into effect on Jan. 1, as well as bring mutual ties to a new level.
Both Asian nations are quickly emerging as major world economies and gaining
diplomatic influence on the global stage.
South Korea is to play host to the November G-20 economic summit, in which India
will also participate.
"The leaders of the two countries will discuss upgrading bilateral relations in
various fields including the economy, trade, diplomacy, security and culture," an
official at the presidential office Cheong Wa Dae said.
In particular, he added, South Korea and India will seek to upgrade their
"long-term cooperative partnership for peace and prosperity" establish in 2004.
On his way to New Delhi, the South Korean president made a three-hour stopover in
the industrial city of Chennai, in southeastern India.
Touring a Hyundai Motor factor, he said, the company is "contributing to the
development of India's economy as well as the South Korean economy by providing
many jobs to Indian people."
Opened in 1998, Hyundai's Chennai factory manufactures about 600,000 vehicles
annually, making it the carmaker's largest production line abroad. Hyundai, South
Korea's leading automobile producer, has emerged as the biggest exporter in the
Indian car market.
Lee stressed that the CEPA will benefit both countries.
"If India grows at the current rapid pace, it will become the largest market in
terms of purchasing power," he said.
Hyundai Motor Chairman Chung Mong-koo agreed that the CEPA is expected to sharply
enhance his company's competitiveness.
Lee also met a group of about 20 South Korean businessmen in Chennai including
the heads of the local branches of Samsung Electronics, Lotte Confectionery and
Doosan Infracore. Around 150 South Korean firms operate in the city including
more than 40 subcontractors of Hyundai Motor.
lcd@yna.co.kr
(END)

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