Andukgeun, Minister of Industry, Proposes Joint Participation in 'IMEC' to India and Strengthens Economic Cooperation
Meeting with Indian Foreign Minister "Visible Progress Expected in Korea-India CEPA Improvement Within the Year"
The government has decided to expand economic cooperation with India, the world's 5th largest economy in 2023, in various fields such as trade and investment, technology exchange, supply chain collaboration, energy, and new industries.
The Ministry of Trade, Industry and Energy announced that Minister An Deok-geun met with Indian Foreign Minister Jaishankar on the 5th at Lotte Hotel in Seoul to discuss ways to expand comprehensive economic cooperation between the two countries.
At the meeting, Minister An and Minister Jaishankar exchanged in-depth views on the possibility of both countries jointly participating in interregional networks such as the India-Middle East-Europe Corridor (IMEC). This is part of the strategy announced last month by the Ministry of Trade, Industry and Energy in the '2024 Pan-Governmental Export Expansion Strategy' to build multilayered networks at a broad regional level with Global South countries.
Minister An emphasized, "There is a need for a strategic dialogue channel where the two countries can regularly discuss economic cooperation issues such as new industries," adding, "As a follow-up to last year's Korea-India summit, the ministerial-level 'Korea-India Industrial Cooperation Committee' proposed by our side to India's Ministry of Commerce and Industry should be promptly established to deepen a future-oriented economic cooperation relationship."
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The Ministry plans to advance negotiations to improve the Korea-India Comprehensive Economic Partnership Agreement (CEPA), announced in 2010, to achieve visible results within the year, while continuously creating a stable investment environment for Korean companies entering India through local support agencies.
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