Trade agreements signed between India, South Korea

Union Commerce and Industries Minister Suresh Prabhu and South Korean Trade Minister Kim Hyun-Chong on Monday signed agreements on trade and commerce.

President of #Korea HE @moonriver365 spelt out his vision for the #India-Korea relationship.Our @PMOIndia @narendramodi has already put in motion #ActEast policy.We shall work to put to reality the vision of these leaders, promote business,trade,investments,create more jobs here pic.twitter.com/4YbPGXw8HL

— Suresh Prabhu (@sureshpprabhu) July 9, 2018

"Trade and commerce will play their own roles in taking bilateral relations between both the countries forward. We are going to take this relationship to a new level. We had a fruitful and forward looking discussion, some ideas have come to forward while some will work in progress," Prabhu told media here.

Earlier today, both the ministers began their meeting with breakfast, after which the agreements were discussed and signed.

Meanwhile, Hyun-Chong highlighted on the Samsung plant in Noida and said that the site would produce almost 10 million units of mobile phones in the coming years.

"Keeping with Prime Minister Narendra Modi's 'Make in India' policy, the first step was taken today, both the leaders (South Korean President and Prime Minister Modi) will visit Samsung's manufacturing site which will be producing 10 million units of mobile phones per month by 2020," Hyun-Chong told media here.

On a related note, South Korean President Moon Jae-in and Prime Minister Narendra Modi will visit a Samsung plant in Noida, Uttar Pradesh later today.

South Korean President Moon Jae-in has os on his first ever state visit to India to inagurate the largest Samsung plant along with Prime Minister Narendra Modi on Monday. 

The South Korean President has been accompanied by senior members of his cabinet, officials as well as industry captains. First Lady Kim Jung-sook will also be accompanying the President.

Samsung has opened a brand new 35-acre Electronics facility at Sector 81 in Noida, Uttar Pradesh. A helipad adjacent to the factory has been made in as Prime Minister Narendra Modi and South Korean President Moon Jae-in will be landing together to inaugurate it.

Earlier, External Affairs Minister (EAM) Sushma Swaraj met South Korean President Moon Jae-in here on Monday.
Swaraj and President Moon shook hands with other officials and then held talks.

The South Korean President is currently on a three-day visit to India, having arrived in New Delhi on Sunday evening.

He and his wife, Kim Jung-sook, were received by Minister of State (MoS) for External Affairs General (retd) VK Singh.

Also, Samsung Electronics’ heir apparent Lee Jae-Yong departed for India on Sunday to lay the groundwork to further expand in the Indian smartphone market.

The Noida plant was was set up in 1996 and is the first of two manufacturing units in India for the company. The plant started with the manufacture of televisions way back in 1997, and mobile phone manufacturing unit was added in 2005.

(With inputs from ANI)