Lee Myung-bak says India, South Korea enter a new era

New Delhi, Jan 25 (ANI): Visiting South Korean President Lee Myung-bak said today that both India and South Korea were entering a new era.

Talking to reporters here Myung-bak, said: "It feels great to be here in India. I have high hopes for our bilateral relationship not only in economic matters but expanding our cultural ties; political and social ties as well in science and technology and education. So, I believe we are entering a very great new era for our future together, going together for Korea and India."

Lee Myung-bak will be the chief guest at the Republic Day celebrations in Delhi.

Myung-bak is scheduled to hold meetings with President Pratibha Devisingh Patil, Vice-President Hamid Ansari, Prime Minister Dr. Manmohan Singh, Congress President Sonia Gandhi and Opposition leader Sushma Swaraj.

He will also have delegation-level-talks with Dr Manmohan Singh at the Hyderabad House, which will be followed by signing of agreements between India and South Korea. In recent years there has been significant expansion in bilateral ties between India and South Korea including in the fields of trade and economics.

The bilateral trade between the two countries was close to 16 billion dollars in 2008 reflecting an increase of 22 percent. The countries have set a target of 10 billion dollars for 2010.

South Korea is also one of the major investment partners in India. There are about 300 Korean companies already in India including global majors like Hyundai, LG and Samsung.

Both countries signed a Comprehensive Economic Partnership Agreement (CEPA) in August 2009.

Defence cooperation between Indian and South Korean Armed Forces is also expanding. (ANI)