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PM Modi to address India-Korea Business Summit in Delhi today

The theme of the Summit this year is“India-Korea: Scaling up the Special Strategic Relationship through Trade and Investments”.

Prime Minister Narendra Modi will address the 2nd India-Korea Business Summit 2018 in New Delhi today. Finance Minister Arun Jaitley, Commerce Minister Suresh Prabhu, Minister of Electronics and IT Ravi Shankar Prasad, top officials of Ministry of Commerce and Industry (MoCI) will also address the summit.

The theme of the Summit this year is “India-Korea: Scaling up the Special Strategic Relationship through Trade and Investments”. The Summit is being organised by MoCI in partnership with the Confederation of Indian Industry (CII) and Chosun Ilbo, the largest media business group in Korea. Over 200 business delegates including top executives of some leading Korean business conglomerates and Government officials from Korea are expected to participate in the Summit. The Summit aims to create the framework for an open and action-oriented dialogue between top business leaders and Government officials from both countries, CII said in a statement.

Minister of Commerce and Industry Suresh Prabhu on Monday said that the summit is an example of our growing trade and economic relations between India and Korea. Korean electronics manufacturers have become household names in India and touch millions of lives each day. The Indo-Korea Business Summit aims at further boosting trade and investment flow between the two countries, said Invest India - Government of India body.

The agenda of the Summit would focus on specific sectors where new and immediate opportunities exist for Korean and Indian companies such as infrastructure, ICT, power, smart cities, manufacturing and other strategic areas of collaborations. India and Korea are the third and fourth largest economies respectively, in Asia. The Comprehensive Economic Partnership Agreement (CEPA) signed between the two countries provides an excellent platform for expanding the bilateral trade, which is currently below its potential, and also provides a platform for the flow of investment both ways. The two way trade between India and South Korea currently stands at USD 16.8 billion and holds tremendous promise for further growth.