President Lee eyes closer IT cooperation with India

By Lee Chi-dong
NEW DELHI, Jan. 25 (Yonhap) -- President Lee Myung-bak said Monday that South
Korea and India should cooperate more closely in the information and technology
(IT) sector to take advantage of their free trade deal, named the "Comprehensive
Economic Partnership Agreement (CEPA)," that went into effect early this month.
"From now on, South Korea and India need to develop a new growth industry on the
basis of IT cooperation," Lee said in his keynote speech at a forum of business
leaders from the two nations held to mark his ongoing state visit here.
The CEPA calls for the two countries to scrap or drastically reduce tariffs on
most trade items over the coming decade and open each other's service industries
wider.
Lee noted India's potential to become the world's leading economy and political
powerhouse, saying the two nations have lots of room to improve bilateral ties.
Two-way trade volume has jumped 850-fold to around US$12 billion since they
established diplomatic ties in 1973, he pointed out.
Currently, more than 380 South Korean firms -- including Hyundai Motor, Samsung
Electronics, and LG Electronics -- operate in India, where they employ about
50,000 Indian workers.
Lee said the two sides are getting closer to each other, thanks to India's "Look
East Policy" and South Korea's "New Asia Diplomacy."
"With CEPA, relations between the two nations are on track for more rapid
growth," Lee said. "In the era of soft power, India's potential power will be
more highlighted."
He added the two nations can create synergy by taking advantage of India's
advanced software industry and South Korea's cutting-edge hardware products.
"South Korea and India are required to expand human exchanges and technology
cooperation as future-oriented partners," he said. "I expect South Korea will
also take part in India's nuclear power plant construction and jointly develop
related technology."
lcd@yna.co.kr
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