India, S Korea ink 9 pacts; Posco plant work to start soon

In a bid to give new momentum to bilateral ties, India and South Korea today decided to intensify cooperation in a range of key sectors including trade, investment and defence even as Prime Minister Manmohan Singh announced that the work on the long-delayed Posco steel plant will start in coming weeks.
Nine pacts in wide-ranging fields including cyber space cooperation were inked after the talks between Singh and South Korean President Park Geun-hye during which both leaders discussed ways to promote bilateral relations and exchanged views on a number of regional and international issues.
After the talks, Singh said negotiations for revision of the existing Double Taxation Avoidance Convention have concluded.

"We have just concluded wide-ranging discussion on matters of bilateral interest and regional and global importance. This has enabled us to impart further substance, greater content and new momentum to the Strategic Partnership between our two countries," Singh said at a joint media event with Park.
He said both the leaders have decided to establish an annual interaction between the "national security structures" of the two countries besides agreeing to launch a Cyber Affairs Dialogue.
"I am happy that the large-scale POSCO steel project in Odisha is set to be operational in the coming weeks, following the revalidation of its environmental clearance. Grant of mining concession for the project is also at an advanced stage of processing. I conveyed to President Park our hope that this project will confirm that economic growth and environmental protection can go hand in hand," Singh said.

During the talks, both the sides recognised the possibility of defence trade and joint production of military equipment by further promoting collaboration between our defence research organisations.
The Prime Minister hoped that the agreement on protection of classified military information signed will also boost defence engagement between the two countries.