The Commerce and Industry Minister, Mr Anand Sharma, said on Tuesday that India-Korea trade could touch around $24 billion in the next five years from nearly $12 billion in 2009-10.
Stating this after a meeting here with Mr Park Young June, the Vice-Minister of Knowledge Economy of South Korea, Mr Sharma said bilateral trade between the two countries has gathered momentum during the last few years. He pointed out bilateral trade was only $1.6 billion in 2001-02.
The trade balance has been in Korea's favour with India's exports to Korea in 2009-10 worth only $3.4 billion, while Korea's exports to India were worth $8.6 billion.
Mr Sharma said both the countries held the first meeting at the Ministerial level last month to review the implementation of the Comprehensive Economic Partnership Agreement (CEPA).
He said after the India-Korea CEPA came into force, bilateral trade has increased by over 40 per cent as compared to the previous year.
He added that the CEPA was an important milestone in the bilateral trade and economic Relations.
“The CEPA will create business opportunities for Korean companies and would simultaneously provide opportunities to Indian professionals from the software, engineering, finance and telecommunication sectors to participate and contribute to Korea's services sector. We look forward to opening of the IT-enabled services market in Korea for our reputed IT companies,” Mr Sharma said.
Meanwhile, according to Mr June, bilateral trade has jumped to $10.7 billion in 2010 (calender year) after CEPA came into force in January 2010. He said at a Ficci function that the agreement, which liberalised bilateral trade in goods and services as well as investments, has helped around 480 Korean firms, including Hyundai and Samsung operating in India.
According to Great Eastern Energy Corp's Chairman and CEO, Mr Yogendra Modi, bilateral trade has the potential to touch $100 billion by 2020.
The major items of India's exports to Korea are cotton yarn, fabrics, made-ups, gems and jewellery, machinery and instruments, ferro-alloys and chemicals, while the major items of India's imports from Korea are iron and steel, electronic goods, transport equipment, project goods and organic chemicals.
The total foreign direct investment (FDI) inflows received from South Korea were $523.88 million. The main sectors that have attracted FDI inflows were in real estate, power, semi-finished iron and steel products and telecom.
During the interaction, Mr Sharma said India and Korea share the view that a strong multilateral trading system was vital for growth in the world economy.
Both countries are committed to continue their cooperation to achieve an ambitious and balanced outcome of the Doha Development Round as early as possible.
Source: www.ibef.org
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
No comments:
Post a Comment