The President just before taking off for a state visit to India on Sunday (Jan. 24), gave an interview to Indian daily “Times of India” to express his views on the future of Korea‐India ties as well as his plans for the November G20 Financial Summit.

He expressed his confidence regarding the ratification of the CEPA (Comprehensive Economic Partnership Agreement) and touched on further developments in the fields of IT and green growth.

Together with the First Lady, he arrived in Chennai late in the afternoon on the same day and will hold a summit meeting with Indian Prime Minister Manmohan Singh on Monday. The President is also to participate in the 40th World Economic Forum in Davos, Switzerland, this week, before returning home on Jan. 30.

The following is a summary of The President''s written interview responses. Similar content can also be found in the Times of India''s article “It would be great to see Indian techies in South Korea,” published on Sunday Jan. 24. The daily, founded in 1838, is the biggest and one of the oldest dailies in the country.

Q. How are Korea''s relations with India?

A: Korea and India have made vibrant exchanges in a wide range of fields, including foreign policy and security issues, economy and trade, science and technology and education and culture. The trade volume between the two nations went up eightfold from US$2.1 billion in 1999 to $15.6 billion in 2008 and now big Korean companies are also popular with Indians. Further, the two countries are in close cooperation in East Asia Summit meetings, ASEAN Regional Forum, Asia‐Europe Summit Meeting and working closely in regard to the framework of the G20 Financial Summit.

Q. What is the significance and effect of CEPA?

A. It is wonderful that Korea is the first country to conclude a free trade agreement with one of the BRIC nations and that CEPA went into effect on Jan. 1 this year. The pact would not only contribute to both economies but stand as a bridge to strengthen trade between the regions of Southeast and Southwest Asia.

Q. Korea is hosting the G20 Financial Summit for 2010. What kind of agenda items should be on the table?

A. Establishing post‐crisis global economic management will be the major agenda at the coming G20 summit along with policy measures to better ensure recovery.

First of all, we should be cautious not to implement a hasty exit strategy and we should focus on restoring private consumption and investment. Other important agenda items will include rebalancing the world economy under the framework of sustainable and balanced growth as agreed to at the Pittsburgh meeting; reform in the governance structure of international financial institutions; supervision of large financial institutions; establishment of a global financial safety net; alleviating poverty in underdeveloped nations and more.

Korea, with its unique experience and characteristics, will play a bridge between developed and developing nations and come up with an agenda of its own that can contribute to global society.

Q. Please explain Korea''s green growth policy and the possibility of India being part of it.

A. Korea made green growth its future vision and is focusing on creating a green civilization, launching an official green growth committee, passing new laws and volunteering to set up its own quotas for greenhouse gas emissions, all to realize a low carbon, environment‐friendly country. It is the only alternative for sustainable growth for the next generation.

India has rich natural resources and brilliant human resources. Based on these, Korea hopes to see cooperation in developing low carbon clean energy (renewable as well as nuclear), green transport (electric cars, railway), energy efficient technology (electrical power grids, low‐carbon processing systems) and more.

Korea is also counting on India''s leadership to encourage participation of other developing countries in climate meetings.

Q. Korea and India are both strong in IT yet interdependent of each other. Is there any other area that needs more economic cooperation?

A. The economic cooperation between Korea and India is at a turning point now that the CEPA has gone into effect starting from 2010. CEPA will not just lower trade barriers to expand horizons for trade, but will also provide chances for new business opportunities.

Korea is strong at manufacturing IT hardware and India at IT service. The possible synergy between the two countries would be great. This includes collaboration of software companies to establish related infrastructure in India and Indian software companies'' advancement into Korea''s manufacturing and mobile‐WIMAX sector.

Korea has know‐how in construction of power plants for petrochemical, oil and other resources that could be of assistance to India, leaving room for a lot of future cooperation in resources development.

Q. Korean businesses have so far made successfully advancement into India in the fields of automobiles and other daily consummales. What are the prospects for the future?

A. With CEPA in effect and India with a population of 1.1 billion continuing its economic growth, Korea''s investment in India will only grow. So far there are over 380 Korean companies operating in India, largely centered in the automobile, electronics, steel, chemical and manufacturing sectors. Once the market is open in the retail distribution, finance and service sectors, there will be even more investment from Korea.

Business cooperation like strategic partnerships or technological exchanges will increase. This could lead to the expansion of infrastructure in India, which would then attract Korea''s small‐ and medium‐sized businesses, too.

Q. There has been a delay in the POSCO Project at Orissa, the biggest business project between the two countries. Do you have plans to touch on this issue and what kind of expectations do you have of the Indian government?

A. I would first like to express my gratitude to the Prime Minister of India for his cooperation in the construction of the steel mill at Orissa known as the POSCO project. This will be an exemplary model of Korea‐India business cooperation that combines the best of two countries: the experience and capital of Korea and resources and market of India.

The Indian government approval of Korea''s purchase of land in late December 2009 will surely help the project pick up speed. I hope the Indian government continues to show interest and provide assistance for the remaining procedures to secure mineral rights andraw materials.

Q. How will ties between Korea and India proceed down the road?

A. Korea and India have enjoyed much exchange since the establishment of official ties in 1973. There are about 9,000 Koreans in India and 7,000 Indians in Korea. With India''s excellent human resources, it will be a big synergy effect for both countries.