(a) whether during the Prime Minister`s recent visit, South Korea has offered to
build nuclear reactor in India and has sought land for the project;
(b) if so, whether India has offered several other fields to South Korea for
development of its infrastructure projects;
(c) if so, the details thereof and the response of the Korean Government thereto; and
(d) the steps taken or being taken by both the Governments to increase the trade
in different fields?
THE MINISTER OF STATE IN THE MINISTRY OF EXTERNAL AFFAIRS (SHRI E. AHAMED)
(a) During the visit of Prime Minister to the Republic of Korea from 24-27 March 2012,
Prime Minister and the President of the Republic of Korea discussed possible cooperation
under the bilateral Agreement for Cooperation in the Peaceful Uses of Nuclear Energy. The
Republic of Korea requested India for allocation of a site for South Korean nuclear
reactors.
(b) & (c) During the Summit Meeting on 25 March 2012, Prime Minister apprised the
President of the Republic of Korea of India’s efforts to strengthen the national
infrastructure and plans to invest US$ 1 trillion in infrastructure development during
2012-17. He invited Korean companies to actively participate in the construction
projects for highways, ports, airports, metros and power plants being regularly launched
in India, pointing out that India followed a transparent and competitive bidding process,
which was open to qualified companies from all countries.
(d) Bilateral trade between India and the Republic of Korea has increased by about 70
percent in two years since the entry into force of the India-Republic of Korea
Comprehensive Economic Partnership Agreement (CEPA) on 1 January 2010, crossing the US$
20 billion mark in 2011. A Joint Committee has been instituted at the level of
Commerce/Trade Ministers to regularly review the working of CEPA and upgrade it as
and when required. The first meeting of the Joint Committee took place in Delhi on 20
January 2011 and the second is scheduled to be held in Seoul later this year. During
the Summit Meeting on 25 March 2012, a new bilateral trade target of US$ 40 billion by
2015 was set. Both sides also agreed to explore constructive and forward looking ways
to facilitate greater market access to each others’ products and services. Prime Minister
also met a group of Korean CEOs on 26 March 2012.