Korea commits $10 b for infrastructure development.

South Korea recently 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.


HBL