Prez hopes for more investments from Korea, Mongolia

Seoul, Jul 25: Encouraged by the outcome of bilateral trade agreements, President Pratibha Patil on Sunday, Jul 24 expressed hope that India would attract more investments from Korean and Mongolean companies as she embarked on a visit to the two countries aimed at strengthening mutual relations.

Beginning her week-long two-nation tour, the President also said that she would take up with the Korean leadership the issue of civil nuclear cooperation with India.

"Korean companies such as LG, Samsung and Hyundai are household names in India. They have done extremely well in our domestic market, and are now using India as a manufacturing base for exports to third countries. We look forward to receiving more Korean investment in our country," she told the accompanying media on board her special aircraft.

Patil's week-long tour of South Korea and Mongolia began with a red carpet welcome in Seoul.

"Economics is the foundation of the India-Korea relationship. We implemented a Comprehensive Economic Partnership Agreement from January 2010. The results have been encouraging," she said.

Two-way trade with South Korea rose by approximately 40 per cent in 2010 and has reached the USD 17 billion mark. It is expected to touch USD 21 billion this year.

The President will meet the top leadership of the "two important partners of India in North East Asia" and discuss important issues like nuclear and defence cooperation.

"I will be discussing it (signing nuclear cooperation deal) with the President there. And this matter will also be one of the subjects in our discussions. We look forward for cooperation on this," she said in response to a question on cooperation from South Korea on civil nuclear deal.

PTI