Minister Kim Hyun-mee to Discuss Korea-India Infrastructure Cooperation Plan
- On January 23, Checks the Agenda for Road and Railroad with Ranganathan, New Ambassador of India to Korea -
□ Minister Kim Hyun-mee of MOLIT discussed infrastructure cooperation with Sripriya Ranganathan, the new ambassador of India to Korea on January 23 in Seoul.
□ Since the year 1993, the first year a Korean company has entered India to construct a hydroelectric power plant, Korean companies received orders worth 21.9 billion dollars and participated in large infrastructure projects such as Southern Coastal Road* in Mumbai with the friendly relationship of two leaders.
* On September 2018, Hyundai Development Company signed a contract worth
300 million dollars for constructing a 2.75Km of coastal road from Oct. 18 to Oct. 22.
ㅇ India plans to increase the investment on roads and railroads as 2 major core projects* of Prime Minister Narendra Modi. Korea also promised** to provide the financial support worth 10 billion dollars in the infrastructure area.
* Revive the manufacturing industry (slogan: Make in India). Construct 100 smart cities.
** Promised financial support on May 2015 (Summit), EDCF(Economic Development Cooperation Fund) Agreement and MOU between EXIM (Export-Import) on June 2017 (Finance Ministers Conference)
□ In order to specify the infrastructure cooperation plan, the meeting was held to share the progress of cooperation agenda on educational training and ITS on both sides and to exchange suggestions for the next step.
ㅇ Moreover, both suggested new cooperation areas such as railway and urban development and decided to continue discussions step by step from now on.
□ During the meeting, Minister Kim Hyun-mee said, "India is an important economic partner with a large domestic market and excellent human resources."
ㅇ She added, "I hope that Korean companies with wide experience and technology participate in projects and make contributions to economic development of India."
January 23, 2019
Spokesperson of MOLIT