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Yoon, Modi agree to boost cooperation in defense, space

By Lee Haye-ah

NEW DELHI, Sept. 10 (Yonhap) -- South Korean President Yoon Suk Yeol and Indian Prime Minister Narendra Modi agreed Sunday to boost cooperation in defense and space as the two countries look to strengthen strategic ties in the Indo-Pacific region.

The two leaders reached the agreement during a bilateral meeting, which was held on the sidelines of a Group of 20 summit in New Delhi and coincided with the 50th anniversary of the establishment of diplomatic relations between South Korea and India.

South Korean President Yoon Suk Yeol (L) and Indian Prime Minister Narendra Modi shake hands during a welcome ceremony for leaders attending the Group of 20 summit at the Bharat Mandapam convention center in New Delhi on Sept. 9, 2023. (Pool photo) (Yonhap)

Yoon and Modi agreed to continue cooperation for the smooth implementation of an Indian government project to procure additional South Korean-made K9 self-propelled howitzers, known as Vajra in India, while further deepening cooperation in the defense and arms industries, according to the presidential office.

They also noted the contributions of South Korean businesses in establishing a stable supply chain in India through continued investments in electric vehicle and other cutting-edge production facilities, and agreed to further widen the scope of supply-chain cooperation to the IT, electronics and other new industries.

The presidential office said Yoon and Modi shared the assessment that cooperation on critical technologies is becoming increasingly important among like-minded nations and committed to strengthening cooperation on space based on their countries' respective space development capabilities, demonstrated in South Korea's successful launch of space rocket Nuri in May and India's successful placement of the Chandrayaan-3 lander on the moon last month.

"The two leaders agreed to strengthen strategic communication and cooperation between the two countries as key partners in the Indo-Pacific region," the presidential office said.

The two leaders also agreed to seek progress in negotiations to upgrade their countries' Comprehensive Economic Partnership Agreement that took effect in 2010.

They anticipated that the launch of the Electronic Origin Data Exchange System (EODES) between their countries this year will ease customs procedures for their businesses, and promote trade and investment. The EODES is a system that allows countries to process certificates of origin through electronic platforms.

Yoon asked Modi for his special attention to India's customs and import restrictions to enable South Korean businesses to increase investments in the country.

To help South Korean companies increase participation in India's high value-added infrastructure projects, the two agreed to sign a loan agreement of up to US$4 billion through South Korea's Economic Development Cooperation Fund.

Yoon and Modi also discussed regional issues and cooperation on the global stage, agreeing that the two countries are building a solid cooperation framework through solidarity based on the universal values of freedom, human rights and the rule of law.

They committed to jointly contributing to regional peace and stability, and the rules-based order, by developing common ground between South Korea's Indo-Pacific Strategy and India's vision for the Indo-Pacific.

The two leaders shared the opinion that North Korea's unprecedented provocations pose a serious threat to peace and stability not only on the Korean Peninsula but in the region and the world, and agreed on the need for a united and firm response from the international community.

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South Korea's Opposition refutes 'extravagant' India trip claims about ex-first lady

• South Korea

Saturday, 08 Jun 2024

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Rep. Youn Kun-young (right) of the Democratic Party of Korea speaking at the National Assembly on Friday. - The Korea Herald/ANN

SEOUL: Opposition party lawmakers on Friday (June 7) played down a controversy that has recently resurfaced over ruling party claims surrounding former first lady Kim Jung-sook's official visit to India in November 2018, of her allegedly "extravagant" airline meals, visit to the Taj Mahal and eligibility to represent the South Korean delegation at the time.

The lawmakers added that those stirring up such "unfounded and malicious distortions," including the ruling People Power Party's lawmakers, will face legal consequences, declaring the conservatives' moves as an attempt to "sabotage the relationship between South Korea and India" built during the former liberal administration.

At a press conference held Friday at the National Assembly in Seoul, former Culture Minister Do Jong-hwan and Democratic Party of Korea Reps. Ko Min-jung and Youn Kun-young gathered to refute claims that the South Korean delegation joined by former first lady Kim, wife of liberal former President Moon Jae-in, had spent 62.92 million won (US$46,040) on flight meals on the Air Force One during the four days of the trip.

Citing data obtained from the airline operator, Youn said that only 21.67 million won was spent on meals for the 36 people in the delegation, and that all of Kim's in-flight meals cost about 1 million won if combined.

The cost of the ingredients, cooking labor, transportation and storage of the meals accounted for the remaining 41.25 million won, Youn said.

“We are planning to file complaints against lawmakers who spread groundless libel,” Youn said. “I think (this dispute) cannot sabotage the relationship between South Korea and India.... This political attack must stop immediately if (the ruling party) takes national interest seriously.”

The press conference was in response to Rep. Bae Hyun-jin's claim on Monday that government data her office obtained showed every meal cost nearly 1.5 million on average for 36 people in Kim's delegation during the four-day trip.

The trip in November 2018 was meant to celebrate the opening of the Memorial of Princess Suriratna, also known as Korean Queen Heo Hwang-ok, in Ayodhya of Uttar Pradesh, India.

The Memorial was built to commemorate the India-born woman who moved to the Korean Peninsula by boat and married King Suro of Geumgwan Gaya city-state in the late 2nd century.

The delegation was also invited to attend Diwali, or the festival of lights in India.

Also, Bae's revelation showed that Kim did not actually lead the delegation, and instead then-Culture Minister Do did.

Bae claimed that this contradicts Moon's writings in his memoir published in May that Kim's visit can be seen as the first case in South Korea where a first lady was on a diplomatic mission without a head of state.

About questions the ruling party has raised over whether Kim was actually invited to join the trip to Uttar Pradesh, Do, who had led the delegation, told reporters that Indian Prime Minister Narendra Modi had sent a letter inviting Kim specifically to the opening ceremony of the Queen Heo Memorial in October 2018, as South Korea had already been internally contemplating the plan to respond to Modi's request for a high-level delegation.

Do received a separate invitation letter from Uttar Pradesh Chief Minister Yogi Adityanath to lead the delegation.

Moon, whom India had initially invited for a high-level delegation in July 2018 during a visit to India, was unable to attend. Both Moon and Kim went to India in July 2018.

People Power Party Rep. Bae claimed that the delegation was meant to be led by a minister with a 25 million won budget, but the moment Kim joined the delegation as a "special delegation member," the cost for the visit jumped to 400 million won.

As to whether Kim's trip to the Taj Mahal was improvised or scheduled, Ko said the nature of any diplomatic itinerary is that they may easily be subject to change.

Bae, in response to the opposition lawmakers' press conference, claimed they were spreading a "lie."

In South Korea, this controversy concerning the preceding president's spouse has reemerged in the media amid the ongoing controversy surrounding the current president's spouse.

In the previous 21st National Assembly, the Democratic Party, which holds the majority of seats, passed a bill boycotted by the ruling party to mandate a special investigation of President Yoon Suk Yeol's wife, Kim Keon Hee, over allegations that she violated the country's antigraft law by accepting a luxury Christian Dior bag worth 3 million won. Yoon vetoed the bill immediately.

Bae's claim, however, gives the ruling party the momentum to strike back at their political opponents.

Following the revelation Monday, Rep. Yoon Sang-hyun, a six-term lawmaker of the People Power Party, said he would float a bill to launch a special counsel probe into the controversy surrounding former first lady Kim Jung-sook's India trip. - The Korea Herald/ANN

Tags / Keywords: South Korea , Opposition , refute , extravagant , India trip claims , ex-first lady , Kim Jung-sook

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Where India Turned Against Modi

By Agnes Chang ,  Mujib Mashal and Pablo Robles

Height shows change in vote share

for Modi’s coalition since 2019

Width shows total

number of votes cast

Narendra Modi set a lofty goal for an election he hoped would send him to a legacy-defining third term as prime minister: winning a majority so staggering that his party would cement itself as the only plausible option to lead India for years to come.

To do that, his Bharatiya Janata Party, or B.J.P., aimed to expand on its deep support across the so-called cow belt in India’s populous north, while also making significant inroads in the country’s south, which has been more resistant to the party’s Hindu-nationalist agenda.

But little went to plan for Mr. Modi when the election results arrived on Tuesday. His party did not just fall well short of its goal of winning more than 400 of the 543 parliamentary seats. It took such a steep dive — losing more than 60 seats — that it no longer had a majority in Parliament.

Seats won by

B.J.P. and allies

Congress and allies

Seats won by B.J.P. and allies

Seats won by Congress and allies

Seats needed

for majority

To stay in office, the powerful Mr. Modi is now forced to do something that does not come naturally to him: work with others, in a political coalition. That alliance, known as the National Democratic Alliance, or N.D.A., will face a reinvigorated political opposition, led by the Congress party, that significantly improved its performance since the previous election, in 2019.

Modi’s N.D.A. alliance lost swaths of territory in this election

Seats N.D.A. lost

Maharashtra

Visakhapatnam

The B.J.P.’s losses were sprinkled around the country, from Maharashtra in the west to West Bengal in the east. But Mr. Modi’s biggest setback came where it was least expected: the northern belt where his party was well entrenched and its Hindu-nationalist ideology had strong backing.

It appeared that some of Mr. Modi’s tactics had backfired in this region, perhaps because his party’s candidates there were seen as incumbents without much to offer after a decade in power. Those losses were offset in part however by gains in stretches of the south, where the B.J.P. — as a new entrant that has had little footprint there in the past — found better reception to its messages.

In Uttar Pradesh, India’s largest state, with a population of 240 million, the B.J.P. won just 33 seats, down from 62 in the previous election. It was in this Northern state that Mr. Modi in January inaugurated the lavish Ram temple, seen as one of his biggest offerings to his Hindu support base. But the B.J.P.’s chest-thumping over its Hindu-first policies turned off many lower-caste voters more concerned with issues like unemployment, inflation and social justice.

Uttar Pradesh

Margin of victory, in pct. pts.

One of the biggest surprises was in the city of Ayodhya , the site of the Ram temple. The B.J.P. lost the seat in the city and other seats in its neighboring districts.

In the important state of Maharashtra, home to India’s business and entertainment capital, Mumbai, the B.J.P. won only nine seats, down from 23 in the last election. The party’s coalition partners suffered even worse losses.

maharashtra

The vote was seen as a verdict on the B.J.P.’s heavy-handed ways of reshaping the state’s political map. The B.J.P. had used pressure by government agencies and enticements of cash and power to split both of the state’s two largest parties. A faction within each of the two split parties then aligned with the B.J.P. The move backfired, however: In what was viewed as a sympathy vote, the original factions from the two parties outdid the B.J.P. allies by large margins.

The B.J.P. did have some good news: It continued to expand its support in the south, where it has struggled to establish a lasting foothold. It won a seat for the first time in the left-dominated state of Kerala and several seats in the state of Telangana.

N.D.A. alliance gained territory in the east and south

Seats N.D.A. gained

The party’s most impressive gains came in the state of Odisha in the east. That state is part of the “tribal belt,” which weaves across central India and is the only part of the country where the B.J.P. has unified support. Its relatively poor communities have been skillfully targeted by the B.J.P.’s Hindu-first politics and welfare benefits .

But the party’s progress in eastern and southern India was far from enough to make up for its losses in the north. Now, with Mr. Modi deprived of the landslide victory he had sought, the country will see how he responds. Some of the strains in India’s democracy might be mended as Mr. Modi is forced to consult with coalition partners who could restrain his more authoritarian tendencies. Or he could crack down more fiercely than ever, worried about losing more ground to a revived opposition.

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India election: Modi to be sworn in for third term as PM on June 9

Indian shares rise on state-run companies' gains as election shock wears off

This blog file is now closed. 

NEW DELHI/BENGALURU -- Election Commission officials on June 4 counted ballots cast over India's six-week general election, which ended on June 1.

The ruling Bharatiya Janata Party unexpectedly lost its outright majority for the first time since coming to power a decade ago, but Prime Minister Narendra Modi has secured  a third term in office with the backing of alliance partners.

Analysts say losing a majority could hurt Modi's reform agenda as he would need to win over allies instead of calling the shots.

Read our latest updates here. For all our coverage, visit our India election page .

How Modi's BJP lost its majority in Indian elections: 5 things to know

Election setback will not sway Modi from agenda of change

Asian countries aim for stronger ties with India after election

India's Modi-led alliance clinches narrow electoral victory

Here is how the election unfolded (times are in India Standard Time):

Friday (June 7)

7:30 p.m. Indian Prime Minister Narendra Modi says that President Droupadi Murmu has invited him to form a government, as he promised his new coalition of 15 parties would strive for unanimity and emerge successful, Reuters reports. The new government is set to be sworn in on Sunday evening, which would make Modi prime minister for a historic third consecutive term.

Thursday (June 6)

5:00 p.m.  During India's six-week elections, most political pundits had predicted a landslide victory for Prime Minister Narendra Modi's Bharatiya Janata Party.

They were in for a shock when the results of the world's largest elections rolled in on Tuesday. The ruling party lost its outright majority for the first time since coming to power a decade ago. The BJP took just 240 seats in the 543-seat lower house of parliament, more than 30 short of a majority and forcing it to rely on allies to form a new government.

Here are five things to know about the surprise election results .

11:00 a.m.  Indian shares rise in early trading, led by gains in state-run companies, as investors moved past shock election results that reduced the ruling party's majority. The NSE Nifty 50 index was up 0.93% at 22,831 as of 10:31 a.m and the S&P BSE Sensex rose 0.95% to 75,088, according to Reuters.

Modi's National Democratic Alliance formally named him as the leader of a new coalition government, a day after it regained power with the surprisingly slim majority .

Wednesday (June 5)

9:30 p.m. Election results showing an underwhelming victory for Modi's coalition sparked volatile trading in shares of companies owned by Gautam Adani , prompting an opposition leader to claim that the fates of the nation's leader and its most prominent billionaire were "correlated."

Adani Group shares rose on Wednesday as partners in Modi's ruling coalition reaffirmed their support. Adani Enterprises and Adani Power were up 6% and 0.5%. Adani Ports and Special Economic Zone rose 8%, while Adani Total Gas and Adani Green Energy were up 3% and 11%.

9:10 p.m. U.S. President Joe Biden congratulates Modi and the National Democratic Alliance on their electoral victory.

"The friendship between our nations is only growing as we unlock a shared future of unlimited potential," Biden says in a post on X.

4:00 p.m.   India's archrival China , its largest trading partner despite testy ties over border issues, congratulated Modi on a victory that fell short of a widely predicted landslide. "China stands ready to work with India to act in the fundamental interests of the two countries and the two peoples, bear in mind the overall interest of our ties, look to the future and advance bilateral relations on a healthy and stable track," Foreign Ministry spokeswoman Mao Ning told a regular press conference in Beijing.

2:50 p.m. Indian shares jump 3% after two key members of Modi's alliance -- the Telugu Desam Party and Janata Dal (United) -- pledged their continued support for it forming a new government after a narrow win.

1:10 p.m. Modi will be sworn in for his new term as prime minister on June 8, local TV channels report. Modi's cabinet recommended the dissolution of the lower house of Parliament on Wednesday, according to news agency ANI.

12:00 p.m. Indian stocks are volatile after the unexpectedly narrow win by Modi's alliance, with the Nifty index swinging between gains and losses in early trading. Investors are worried that Modi's BJP will have to rely on regional parties, whose political loyalties have wavered over the years, to form the government, raising concerns over the economic policy, Reuters reports.

11:30 a.m. According to official results from the Election Commission of India, the BJP gained 240 seats, down by 63 compared with the last general election. The BJP lost its outright majority for the first time in a decade. Voting tallies by local news channels showed that the NDA ended up with only 292 seats.

Tuesday (June 4)

9:05 p.m. Local media say that the opposition INDIA bloc will hold a meeting at 6 p.m. on Wednesday. Earlier, when asked if they have decided to sit in the opposition or there are chances of government formation by INDIA, possibly by wooing back some former allies who are now part of the NDA, Rahul Gandhi said, "We are going to have a meeting with our INDIA alliance partners [which] I believe is tomorrow and these questions will be raised there and they will answered there."

Congress President Mallikarjun Kharge maintained that they can speak about making a majority only after speaking to their alliance partners and those new allies who could join them. "If I reveal all strategies here, then Modi ji will be [alerted]."

7:25 p.m. Narendra Modi posted on X: "People have placed their faith in NDA, for a third consecutive time! This is a historical feat in India's history." Local media say he will make a televised address at 8 p.m.

6:13 p.m. At a press briefing held by the opposition Congress party, President Mallikarjun Kharge said, "The Congress and the India alliance fought elections under many challenges, the government put many obstacles, including freezing of bank accounts. Despite these challenges, people supported us."

He added, "Our fight hasn't reached the desired destination, [but] for saving democracy and constitution, our border and the people of this country, we will keep fighting. The coming days will be important."

Rahul Gandhi spoke after, saying, "This election for India alliance and Congress party didn't fight against a political party only. This was against BJP, institutions, governance structures ... it was a fight against all. All these institutions were captured by Modi, and [Home Minister] Amit Shah. The fight was about saving the constitution."

He continued: "When they froze our bank accounts, put chief ministers in jail, broke parties, I thought people of India will come together to save the constitution. And I have been proven right."

5:10 p.m. Modi wins in his Varanasi constituency in the northern state of Uttar Pradesh, according to a post on the Election Commission's website.

4:08 p.m. The benchmark Sensex closed 5.7% lower, slightly recovering from a fall of 7.2% earlier. "We see Narendra Modi returning as PM but in changed circumstances," financial research firm Emkay wrote in a statement. "The broad direction of the economy is unlikely to change, though factor market reform and privatization are off the table. India is likely to now derate due to higher risk perception."

3:49 p.m. Women and Child Development Minister Smriti Irani is trailing Congress veteran Kishori Lal at the Amethi constituency in the northern Indian state of Uttar Pradesh by more than 100,000 votes, according to the Election Commission. Irani had caused a major upset in the 2019 elections by defeating Rahul Gandhi in Amethi, considered a Gandhi family and Congress stronghold.

12:50 p.m. The early trend shows the BJP-led National Democratic Alliance will easily cross the majority mark of 272 seats needed to form a government but fall short of the landslide predicted by exit polls. As of 12:45 p.m., the NDA is leading races for 290 seats while the opposition INDIA bloc is winning races for 234 seats, according to a local private news channel NDTV.

12:40 p.m. India's stock market plunges further, with the benchmark index Sensex falling 7.26% to hit its lowest point in about six months. Heavy selling has been sparked by fears that the ruling BJP may have to rely on its allies to cross the majority mark, which could in turn slow the government's ability to implement reforms.

10:37 a.m. A BJP spokesperson said it looks unlikely the National Democratic Alliance led by the party will achieve a goal of 400 seats that was often touted by Modi during campaigning. "That's a fair assessment to say 400 certainly looks distant, but we need to wait until sixth and seventh round of counting," said Nalin Kohli. "BJP and its allies will form the government, that's very clear. We are entitled to, as ... any party is, say this is our target, why should we not have a wish list?"

9:40 a.m. India's benchmark stock index, the Sensex, tanked 3.0% in the morning after early trends showed that although the BJP and its allies had a lead, the opposition was not very far behind.

The Sensex had risen 3.4% on Monday on the back of exit polls predicting a comfortable win for the incumbent government, which has spent billions of dollars in infrastructure spending and subsidies to transform India into a manufacturing hub. Investors took profits on Tuesday after the previous day's rise and as the opposition put up a strong fight.

The BJP's chief spokesperson, Sanju Verma, said: "We are far ahead -- from noon you will see the lead between NDA (the National Democratic Alliance) and the other side will widen, BJP will cross the important benchmark of 400 seats." But the spokesperson of the opposition Congress party, Shama Mohamed, said, "These are early trends -- we still believe we will win, and you will get to see it around noon."

8:56 a.m. Reporters from local media started gathering in front of the ruling BJP's headquarters in central New Delhi at around 7:30 a.m. Right after the counting of ballots began, TV channels started releasing trends, all showing the BJP and its alliance in the lead, as predicted by the exit polls.

8:00 a.m. The Election Commission of India started counting at hundreds of voting stations in each of 36 states and federally governed territories. Most voters cast their ballots using electronic voting machines that allowed them to press a button beside the name and party symbol of a candidate. At counting centers, officials press a "results" button to see the total votes for each candidate.

The Election Commission said on Monday that 642 million out of the 968 million registered voters had cast ballots. The raw number was higher than in 2019, but the turnout was about 1 percentage point lower than the 67.4% five years ago.

Trends should emerge by noon, and who is forming the next government should become clearer in the afternoon.

How Modi's BJP lost its majority in Indian elections: 5 things to know

India's modi-led alliance clinches narrow electoral victory, adani group stocks volatile on modi-led coalition's slim victory, in pictures: world's largest democratic election in india, modi's election setback follows campaign focused on india's foreign relations, indian stocks surge on exit polls suggesting modi victory, modi's constituency votes in final phase of india polls, india gdp grows 7.8% in jan.-march, as manufacturing recovers, ruling bjp's ideological parent aims to restore india's lost glory, india's instagrab: modi's re-election bid weaponizes social media influencers, 'blank vote' arouses controversy in india's general election, latest on india elections, sponsored content, about sponsored content this content was commissioned by nikkei's global business bureau..

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India-South Korea bilateral talks: Narendra Modi, Moon Jae-in set to sign updated accord to boost trade, investments

India-south korea bilateral talks: the two sides are also likely to form a korea-india future vision strategy group, which will identify research projects and exchange programmes on software, biotech, cyber security, healthcare and energy..

In a bid to boost investments and bilateral trade after a slump over the last few years, India and South Korea are likely to revise and sign an updated Comprehensive Economic Partnership Agreement (CEPA) as visiting South Korean President Moon Jae-in and Prime Minister Narendra Modi will hold bilateral talks on Tuesday.

The two sides are also likely to form a Korea-India Future Vision Strategy Group, which will identify research projects and exchange programmes on software, biotech, cyber security, healthcare and energy.

The leaders are likely to talk about the proposed memorial park in Ayodhya on Korean Queen Heo Hwang-ok.

READ |  PM Modi, Prez Moon Jae-In inaugurate world’s largest mobile phone factory, will produce 1 crore sets a month

According to “SamgukYusa”, or “The Heritage History of the Three Kingdoms”, written in the 13th century, a princess from Ayodhya (Suriratna) went to Korea, married King Kim-Suro, and became Queen Hur Hwang-ok in 48 AD. In fact, wife of former President Lee Myung-bak (Kim Yoon-ok), former President Kim Dae-jung, former President Kim Young-sam and former PM Kim Jong-pil, trace their ancestry to the royal couple.

The UP government, under CM Yogi Adityanath , has already identified land for the park.

The Korean first lady, Kim Jung-sook, is likely to participate in a K-pop event in Delhi, in a bid to showcase it’s growing popularity in India.

Another area of focus will be defence and security, as India is keen to get South Korean minesweepers — considered to be armed with cutting-edge technology. This is also expected to figure in the conversations, since Delhi is keen to get international players into the Make-in-India programme in defence manufacturing.

Moon is expected to brief Modi about the situation in the Korean peninsula, especially after the Inter-Korea summits and the Singapore meeting between US President Donald Trump and North Korean leader Kim Jong-un.

Sources said Moon’s visit will open new avenues for expansion of partnership, particularly in the economic domain.

South Korea is seen as a valued economic partner by India, and trade and economic relations have started to gather momentum again following the implementation of CEPA in 2010. Bilateral trade in 2011 crossed $ 20.5 billion, registering a 70-per cent growth over a two-year period.

However, bilateral trade declined to $18.13 billion in 2014-15, $16.56 billion in 2015-16, $16.82 billion in 2016-17, which finally recovered and posted a positive growth of 30 per cent in the first seven months of 2017.

According to Statistics Korea, a Korean agency, Indian exports to the country accounted for $2.91 billion and imports accounted for $8.707 billion during January-July 2017, marking a growth of 26 per cent and 30.1 per cent, respectively.

“Upgrading and revising CEPA was mandated by both leaders in 2015, and both countries initiated negotiations to upgrade the CEPA to enhance bilateral trade between the two countries. That is likely to be one of the major takeaways during the visit,” a source told The Indian Express .

Investments from South Korea are increasing, despite severe setback caused due to the Posco experience. South Korean steel giant Posco has not been able to execute a $12 billion investment, and pulled out last year after 12 years of waiting for approvals.

Major Korean conglomerates such as Samsung, Hyundai Motors and LG have made significant investments in India, estimated at over $4.43 billion (as of March 2017). Recently, Kia Motors, a sister company of Hyundai Group, announced $1.1 billion investment to set up a manufacturing unit in Andhra Pradesh , and Samsung Electronics announced a $760 million investment to expand production facilities in India.

In addition, there are 603 large and small Korean firms, which have offices in India. Indian investments in South Korea is nearing $3 billion.

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Narendra Modi visit: South Korea to provide $10 bn for infrastructure development in India

Prime minister narendra modi and south korean president park geun-hye held discussions on a wide range of issues and resolved to add ‘new substance, speed and content.’.

South Korea today decided to provide $10 billion to India for infrastructure, development of smart cities, railways, power generation and other diversified areas as the two countries agreed to upgrade their bilateral relationship to a “Special Strategic Partnership”.

Prime Minister Narendra Modi , who is here on a mission to woo investors, and South Korean President Park Geun-hye held discussions on a wide range of issues and resolved to add “new substance, speed and content” covering defence, trade and investment, and regional cooperation to take the bilateral ties to a qualitatively higher level.

Addressing a joint press meet with President Park, Modi said, “Korea’s rapid progress has made the vision of an Asian century stronger.”

“We consider Korea a crucial partner in India ’s economic modernisation,” said Modi, who arrived here from Mongolia on the last leg of his three-nation tour that also took him to China.

President Park said ties between the two countries have progressed substantially and the two sides were committed to improving business environment.

The two sides signed seven agreements and Memorandum of Understanding including one on Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income.

A joint statement issued at the end of the talks said India sees Korea as an “indispensable partner” in its “Act East” strategy and that both countries “recognise the value of the bilateral partnership and its contribution to bringing peace, stability and security in the Asia Pacific Region.”

The Ministry of Strategy and Finance and the Export- Import Bank of Korea expressed their intention to provide USD 10 billion for cooperation in infrastructure, comprising Economic Development Cooperation Fund of USD one billion and export credits of USD 9 billion for priority sectors including smart cities, railways, power generation and transmission and other sectors to be agreed, the statement said.

The two governments and the EXIM banks of the two countries will hold consultations to chalk out a roadmap in order to materialise the envisioned financial support for priority sectors, it said.

Elaborating on the decision to upgrade the bilateral ties to special strategic partnership, the statement said the two sides have agreed to establish annual Summit meetings, in either country, or on the margins of plurilateral events and annually hold joint commission led by the two Foreign Ministers.

It was also agreed to expand cooperation between the two armed forces and further strengthen regular consultations between the National Security Council structures of the two countries on security, defence and cyber related issues.

“We intend to deepen our cooperation in defence technology and manufacture of defence equipment in India. this sector offers huge opportunities in India,” Modi said.

The Prime Minister said he has requested President Park to support the participation of Korean companies in the defence sector in India. “Her response has been positive,” he said.

Taking his pet ‘ Make in India ’ initiative to Korea, Modi said many Korean brands were household names in India. Both he and President Park saw vast opportunities for Korean companies to participate in this mission, Modi said, adding that he will be meeting Korean business leaders tomorrow.

The Prime Minister is slated to have one-one-one meetings with heads of Hyundai Motors, Samsung Electronics, LG Industries and Doosan Group tomorrow besides addressing the CEOs Forum.

Modi said the decision to establish a Joint Working Group on shipbuilding reflected the seriousness of the two sides to cooperate in this area. He said Korean companies will be participating in India’s plans to acquire and manufacture LNG tankers.

The Prime Minister will visit tomorrow the Hyundai Heavy Industries Shipyard at Ulsan.

Officials explained that India hopes to acquire nine LNG tankers and is keen Korea will come forward in building two of these and also help with the technology. Officials said Samsung and LG were looking at expanding their operations in India and Hyundai Motors may announce two more plants in India in addition to the two that it has now.

To carry forward the momentum, Commerce Minister Nirmala Seetharaman is likely to visit South Korea next month, they said.

In the backdrop of complaints of delays, tax issues and problems of getting land faced by Korean companies in India, the two sides decided to establish a channel — Korea Plus — to facilitate their investment and operations in India.

The Prime Minister said he had sought President Park’s support for participation of Korean companies in new areas.

Noting that bilateral trade was below its potential, the two leaders agreed to review the Comprehensive Economic Partnership Agreement and other market access related issues.

Bilateral trade is about USD 16 billion and the two sides are keen to see that it goes up substantially. There are 300 Korean companies which have invested about USD 3 billion in India. They employ about 40,000 workers in India.

The Prime Minister welcomed Korea’s diplomatic efforts to maintain peace and stability of the Korean Peninsula.

Modi said he also shared President Park’s concerns that proliferation of nuclear and other weapons of mass destruction will not be in the interest of countries of the region. He offered India’s support to Korean people for peaceful reunification of Korean Peninsula.

The joint statement said that the two leaders expressed concern over the development of North Korea’s nuclear weapons and ballistic missile programmes, which was in violation of its international obligations and commitments.

They urged North Korea to fully comply with all of its international obligations, including under the relevant UN Security Council resolutions and other international pacts.

The two sides sought amendment to the bilateral Air Services Agreement to enhance flight connectivity covering more cities. Officials said Korea was keen on an increase in the direct flights from the existing six in a week.

The two sides also inked an MoU on cooperation in audio-visual co-production. It will enable co-production of films, animation and broadcasting programmes.

Another MoU was signed for cooperation between the Power ministry and the Korean ministry of trade, industry and energy in areas of electric power development and new energy industries such as renewable energy, smart grids and power information and technology, transmission and distribution of electric power, energy deficiency and storage system.

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An Entire Tweet In Korean. PM Modi Congratulates South Korea's New President

Moon jae-in, 64, was sworn in on wednesday and has vowed to immediately tackle the pressing problem of north korea's advancing nuclear ambitions..

Prime Minister Narendra Modi often wishes world leaders in their language (AFP)

문재인 후보의 대한민국 대통령 당선을 진심으로 축하드립니다. 특별 전략적 동반자 관계인 한국과의 긴밀한 협력을 위해 가까운 시일 내에 만나뵙기를 바랍니다. @MoonJaeIn365 — Narendra Modi (@narendramodi) May 10, 2017

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• President Biden congratulates Prime Minister Narendra Modi on his re-election --> President Biden congratulates Prime Minister Narendra Modi on his re-election --> President Biden congratulates Prime Minister Narendra Modi on his re-election

President Biden congratulates Prime Minister Narendra Modi on his re-election

Prime Minister Narendra Modi received a telephone call today from the President of the U.S.A. H.E. Mr. Joseph R. Biden

President Biden warmly congratulated PM on being re-elected as Prime Minister of India for a historic third time.

While thanking President Biden, PM called it a victory of democracy and the democratic world.

The two leaders agreed to continue working together to further strengthen the India-U.S. Comprehensive Global Strategic Partnership, for global good.

PM also conveyed his best wishes for the successful co-hosting of the ongoing ICC T20 Cricket World Cup.

The two leaders agreed to remain in touch.

Happy to receive call from my friend President @JoeBiden . Deeply value his warm words of felicitations and his appreciation for the Indian democracy. Conveyed that India-US Comprehensive Global Partnership is poised to witness many new landmarks in the years to come. Our… — Narendra Modi (@narendramodi) June 5, 2024

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Heartiest congratulations to Hon'ble PM Shri @narendramodi Ji on being elected leader of the NDA Alliance at the Parliamentary Meeting today. Under his visionary leadership, Bharat is all set to witness a new era of peace, progress & prosperity, while becoming a Vishwaguru. — Khairul Islam (@Khairulislam090) June 7, 2024

RBI's Monetary Policy Committee,keeps the repo rate steady at 6.5%. With CPI inflation on target and 8.2% GDP growth in FY 2023-24, Modi govt's effective economic policies shine. Their strategic management of the repo rate is key in balancing inflation and growth. pic.twitter.com/Fyl5Lu16Gl — Prerna Sharma (@PrernaS99946384) June 7, 2024

@narendramodi Salute to you for being the most hardworking and dedicated Political Leader this nation has ever seen. We will reach new heights from here. History is created for you being selected as Prime Minister for 3rd consecutive time. Blessed. — Aakaash K Agarwal (@akash_ag9) June 7, 2024

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PM Modi brought stability and sustainability in the country for the last 10 years. The coalition of Naidu ji and Nitish ji are very happy to be associated with modi ji. PM modi’s third term will be dedicated towards the planning for Viksit Bharat 2047. #ModiGovt — Sneha Yadav (@snehyadav31) June 7, 2024

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