Article Posted on : - Dec 30, 2014

SEOUL (PTI): In a boost to their strategic ties, India and South Korea have decided to enhance cooperation in sectors like shipbuilding, electronics, defence production, infrastructure and energy besides outlining mutual interest in areas of nuclear energy and cyber security.

In the eighth Joint Commission Meeting held in Seoul on Monday, External Affairs Minister Sushma Swaraj and her South Korean counterpart Yun Byung-se deliberated on all aspects of bilateral ties with a view to "chart out a road map" to further deepen engagement.

"They agreed that development of cooperation in the field of defence equipment and technology, as well as, sectors like shipbuilding, electronics, IT, energy and infrastructure held considerable possibilities.

"They reiterated mutual interest in deepening cooperation in the areas of civil nuclear energy and cyber security," the Ministry of External Affairs said.

In her address, Swaraj called South Korea an important partner for India's economic growth and invited South Korean companies to make "bold investments" and benefit from the 'Make in India' initiative of the Government.

She said South Korea and South Korean companies occupy a strategic place in India's 'Act East' initiative and that there was huge scope for greater investment in the country, particularly in the manufacturing sector.

"We invite Korean companies to build on their success in India and make bold investments to benefit from my government's focus on 'Make in India' which is aimed at providing necessary policy and other incentives to encourage manufacturing in India," she said.

Yun welcomed the initiatives taken by India and agreed to encourage the South Korean industry to engage with India even "more closely".

In the meeting, there was agreement on the considerable potential for further expanding bilateral economic and investment cooperation.

The South Korean side reiterated a cordial invitation for an early official visit of Prime Minister Narendra Modi to the country.

Swaraj welcomed the invitation adding that both sides will work closely to ensure a productive and successful visit of Modi at a mutually convenient early date.