Korea and India agreed to upgrade their relations to a higher level on Monday (Jan 25).

 
Visiting The President and Indian Prime Minister Manmohan Singh held a bilateral summit in New Delhi and agreed to boost their bilateral ties to a “strategic partnership” from the previous “long-term cooperative partnership for peace and prosperity.” The previous one was concluded in 2004.

The leaders also agreed to open a vice ministerial-level dialogue between the two sides on foreign affairs and security issues within this year, and pledged to reinforce their defense collaboration.

The two countries'' economic cooperation will be much bolstered with their bilateral trade expected to reach US$30 billion by 2014, according to the leaders'' agreement. The heightened trade volume is more than double that of 2009 ($11.4 bil.).

The strengthening of bilateral trade will be largely based upon the Comprehensive Economic Partnership Agreement between Korea and India which took effect on Jan 1.

The President and Singh also promised to begin a discussion on nuclear energy development, which is expected to raise hopes for Korean companies to advance into India''s nuclear power plant construction market, after the Korea-UAE nuke plant deal in December 2009.

Meanwhile, The President expressed hope in the summit with Prime Minister Singh that Korea''s KT-1 trainer jets could replace India''s old military planes. India has allocated a total of $50 million to buy 60 trainer jets by 2011.

The two leaders, after the summit, took part in four MOU signing ceremonies on the transfer of prisoners, cooperation in the IT sector, scientific and technological collaboration, and the peaceful use of outer space, which were signed by the relative ministries from both sides.

The President earlier in the day met high-ranking officials of India from Vice President Mohammad Hamid Ansari, foreign minister S. M. Krishna to ruling Indian Congress Party Leader Sonia Gandhi and opposition Bharatiya Janata Party leader Sushma Swaraj, and shared his thoughts on bilateral relationships between Korea and India.