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Mr. Roh Moo-hyun, President of the Republic of Korea, is currently on a State Visit to India from October 4 to 6, 2004, at the invitation of the President of India.
2. President Roh held extensive discussions for over one and half hours with Prime Minister Shri Manmohan Singh on a wide range of bilateral, multilateral and global issues. External Affairs Minister Shri K. Natwar Singh called on him earlier today. President Roh will meet the President this evening, who will host a banquet in honour of the visiting dignitary. The Vice President will call on the President of the Republic of Korea later this afternoon. Smt. Sonia Gandhi, Chairperson, UPA Coordination Committee, will call on President Roh tomorrow morning.
3. During the discussions between Prime Minister and President Roh, both sides noted with satisfaction the steady development of relations between India and the ROK since the establishment of diplomatic relations in December 1973. With a view to further strengthening relations, it was agreed to establish a "Long-term Cooperative Partnership for Peace and Prosperity”, which will seek to take advantage of economic complementarities and political convergences and also develop closer and more extensive understanding and cooperation in regional and international affairs.
4. Prime Minister and President Roh noted the decision to launch a new dialogue on foreign policy and security by early 2005, covering regional and international security issues, bilateral defence and service-to-service exchanges and counter-terrorism. It was also agreed to further promote exchanges and interaction in the defence field, including cooperation between the Navies, coast guards and related agencies of the two countries in areas like anti-piracy and search and rescue operations. Consultations on expanding cooperation in the fight against international terrorism would be carried out through various bilateral and multilateral mechanisms.
5. It was decided to step up efforts to take bilateral economic partnership to a higher level, taking advantage of the complementarities in the economies and synergies in trade, investment and hi-tech areas, so that the full potential in this regard could be realized. Both sides agreed to set a target of US$ 10 billion for bilateral trade by 2008.
6. It was also agreed to establish a Joint Study Group, composed of government officials, economists and representatives of business community, to take a comprehensive view of the bilateral linkages in trade, investment and services and to come up with concrete suggestions on expansion of economic engagement. The JSG will also examine the feasibility of a comprehensive economic partnership agreement between India and the ROK. The JSG will start its work latest by January 2005 and submit its report within one year.
7. Prime Minister welcomed investment by Korean companies in India and said that the Government of India was committed to creating a congenial climate for foreign direct investment. President Roh responded positively and remarked that Korean companies were prepared to make a long-term commitment to India and that they were in India to stay. He noted that the large business delegation accompanying him, which consisted of CEOs and top executives of major Korean companies, was optimistic about the prospects in India. He also referred to the proposal for a large investment by the ROK company, POSCO in an integrated steel plant and associated facilities in Orissa, which is under serious negotiation at present. Both sides agreed to work together to encourage greater investments from the ROK in India. It was decided to promote cooperation in various sectors, including information and communication technology, infrastructure, petro-chemicals, oil and gas field development including third country collaborations, automobiles, shipbuilding, agriculture, and iron and steel manufacturing.
8. A Treaty on Extradition and another Treaty on Mutual Legal Assistance in Criminal Matters were signed by EAM and the Minister of Foreign Affairs and Trade of the ROK, Mr. Ban Ki-moon in the presence of Prime Minister and President Roh. India and the ROK have decided to conclude an agreement on exemption of visa requirement for holders of diplomatic and official passports as also to enter into discussions on simplification of visa procedures. Both sides have also agreed to conclude at the earliest an Agreement on Cooperation and Mutual Assistance in Customs Matters.
9. ROK has decided to upgrade its office in Mumbai to a Consulate General at the earliest possible date in 2005.
10. It has also been decided to organise a ‘Korea Week’ in India in November 2004 and a corresponding ‘India Week’ in the ROK in September/October 2005.
11. President Roh expressed his belief that the two sides were ushering in a new chapter in relations between the ROK and India by harnessing the potential of the relationship. Prime Minister agreed and stated that President Roh’s visit would be an important milestone in the development of relations between the two countries.
12. During separate discussions between the ROK Minister of Information and Communication, Mr. Chin Dae-je, and our Minister of Communications and Information Technology yesterday, a joint statement on collaboration in information and communication technology was signed.
13. The Minister of Foreign Affairs and Trade of the ROK is holding separate discussions with EAM this afternoon. The ROK Minister of Commerce, Industry and Energy, Mr. Lee Hee-beom is meeting the Commerce and Industry Minister tomorrow.
New Delhi
October 5, 2004
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