“We reached to further expand economic cooperation making the most of complimentary economic structures, potential”

By Publisher Lee Kyung-sik with Editor Kim Jung-mi, Reporter Sua Kim

President Moon Jae-in said, “We reached an agreement to further expand economic cooperation by making the most of the two nations' complementary economic structures and potential for cooperation.”
Then he said: “Many Korean companies doing business all across India are leading bilateral economic cooperation, living up to Prime Minister Modi's ‘Make in India’ initiative. I hope a growing number of Korean businesses will advance into the Indian market by increasing their investments, thereby laying the groundwork for mutually beneficial prosperity.”

President made the remarks at his Korea-India Joint Press Statement with Prime Minister Narendra Modi during his official state visit to India on July 10, 2018.
Moon said: “We two leaders agreed to actively implement practical measures to help bring together promising SMEs (small and medium enterprises) and startups from both nations and promote cooperation that extends beyond conglomerates.”
Then he said: “In addition, we agreed to work together with special attention to ensure that Korean businesses with a competitive edge can participate in large infrastructure projects in India to construct smart cities, electric grids, railroads, highways, ports and facilities for renewable energy.”

Moon disclosed that he and Prime Minister Modi agreed to markedly increase bilateral trade to US$50 billion by 2030, up from the current US$20 billion, on the basis of the achievements of such cooperation.
He also disclosed, “Positively evaluating the initiation of negotiations with regard to the Korea-India Comprehensive Economic Partnership Agreement (CEPA), we agreed to make endeavors for the early conclusion of the negotiations.”
Moon discussed a wide range of topics in the statement aimed at further promoting the close ties of cooperation between Korea and India.

Excerpts from his statement follow:

I am deeply grateful to Prime Minister Modi and the people of India for warmly welcoming me and my delegation.
I met with Prime Minister Modi again a year after our meeting at the G20 Summit in Hamburg last July. We feel as if we are old friends since we exchanged posts on social media to commemorate the International Day of Yoga.
For the past couple of days, we have spent much time together and had in-depth conversations on a variety of topics. At the National Gandhi Museum, we shared thoughts about world peace. At the dedication of the new Samsung Electronics factory in Noida, we reaffirmed our firm commitment to expanding bilateral economic cooperation.

Over the past 45 years since the establishment of diplomatic relations, India and Korea have advanced bilateral ties in diverse sectors. On the occasion of Prime Minister Modi’s visit to Korea in 2015, our relationship was upgraded to a special strategic partnership.
Now, three years later, Prime Minister Modi is implementing the Act East Policy that prioritizes cooperation between India and Korea, and I put priority on carrying out the New Southern Policy that upholds India as Korea’s key partner for collaboration.
At the summit today, we shared an understanding that now is the time to give concrete shape to the Korea-India special strategic partnership and raise it to new heights.
Today, Prime Minister Modi and I agreed to actively implement “the Three Ps Plus” program aimed at promoting cooperation for “People, Prosperity and Peace,” adding future growth engines in response to the Fourth Industrial Revolution.

We sought concrete measures in discussions that followed. First, people-to-people exchanges will be enhanced to broaden mutual understanding and the scope of empathetic appreciation. There will be more regular reciprocal visits between the top leaders. Senior-level consultations between the two governments will be expanded to supplement and support discussions between the two leaders. Intergovernmental exchanges in various sectors will serve as a solid foundation for stronger friendship between our two countries.
We agreed to work to reduce inconveniences people face traveling between the two nations by streamlining visa procedures, including the issuance of visa-on-arrival in India. We also agreed to expand people-to-people exchanges in regard to tourism, youth programs, education, and academic advancement and push ahead with various joint cultural projects.

I heard some welcome news: detailed descriptions about Korea were included in India's standard textbooks for the first time this year. Now, about 100 million Indian students can read in their textbooks about Korea's history of printing, including the Tripitaka Koreana and the Buljo jikji simche yojeol, the oldest existing book from movable metal print in the world. They can also learn about Korea's economic growth, democratization and the candlelight revolution, a shining example of democracy. As a matter of fact, the Tripitaka Koreana and the Buljo jikji simche yojeol are fruits of Buddhist culture that flourished in Korea after being introduced from India. I offer my profound appreciation to Prime Minister Modi and the Indian Government.
We agreed to more closely cooperate for peace and stability on the Korean Peninsula as well as in South Asia and the rest of the world.
I explained about our Government’s efforts and initiatives to establish permanent peace on the Korean Peninsula and expressed my gratitude for India’s continuing support so far. In response, Prime Minister Modi reaffirmed his stance to actively cooperate for the sake of peace on the Korean Peninsula going forward.
Moreover, we concurred on the need to bolster cooperation at regional multilateral consultative forums such as the East Asia Summit (EAS) and the ASEAN Regional Forum (ARF) for the sake of peace and stability in the region.
Finally, we decided to set up a cooperative platform to jointly respond to the Fourth Industrial Revolution, a challenging task we are facing.
When India’s talented software and information and communication technology workforces combine with Korea’s manufacturing and commercialization technology and rich experience, it will boost both countries’ national competitiveness and future growth engines.
In addition, an agreement was made to expand collaboration between research institutions in the advanced science and technology fields, such as artificial intelligence, electric vehicles, ICT, Internet of Things, and aerospace and bioscience industries.
Prime Minister Modi and I adopted the Korea-India Vision Statement, which reflects what was discussed and agreed to at the summit today and contains the future vision for bilateral relations.
I hope that concrete steps will be taken at the earliest possible date so that the benefits will go to the peoples of our two countries.
I hope that this state visit to India helps open a new era of bilateral strategic cooperation. Regular consultations between our two leaders will be its starting point. I am looking forward to Prime Minister Modi’s visit to Korea in 2020, and I hope that close communication will continue at various multilateral meetings or online until then.
Once again, I wholeheartedly thank Prime Minister Modi and the people of India for your warm friendship and welcome.