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NEW DELHI – India and South Korea are developing their business relationships with the goal of increasing trade Bilateral to 50 billion US dollars by 2030, both South Korean President Moon Jae-in and Indian Prime Minister Narendra Modi have urged their business communities to step up their investments and promote joint ventures.
After their meetings, the two countries signed trade cooperation, cultural exchange, technology sharing and scientific research.
Bilateral trade between the two Asian countries reached $ 20 billion in 2017. Moon is making a four-day state visit to India and will visit Singapore on Wednesday.
Modi said that the foreign policies of both countries "go hand in hand".
"At the political level, India's" Act East "policy and South Korea's" South Southern Strategy "go hand in hand. And I warmly welcome President Moon's belief that the India-South Korea relationship is a founding pillar of his new southern strategy, "said Modi.
South Korean President Moon Jae-in, left, with Indian Prime Minister Narendra Modi for a delegation-level meeting in New Delhi, India on Tuesday, July 10, 2018. Moon makes a three-day visit to India (Manish Swarup / Associated Press)
The two leaders agreed to create cultural exchange programs and facilitate visa processes to "deepen cultural and interpersonal relationships."
Noida, in the suburbs of the Indian capital, inaugurated a new Samsung Electronics in South Korea, which they described as the largest mobile phone plant in the world.
The $ 728 million facility is expected to create more than 2,000 jobs in India
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