Korea and India decided to hold hands and walk down the road to success. Both nations have a game plan that will benefit each of them, but at the same time, enhance Asia on the world stage. Both countries will propel Korea-India relations and collaborate on Science and Technology. How will science and technology cooperation work between Korea and India They already pumped their gas to the max and all they need to do is, go.
President Lee Myung Bak embarked on a tour to India, on January 24. This was at the request of President Pratibha Patil of India to sign a MOU that states that the two nations’ will jointly promote the development of technology. The two nation’s dialogues were concerned with strengthening the national ties and exchanging software experts and cultivate skilled manpower to generate significant synergy.
Together, they raised US$10 million for the science and technology sector and constructed 'Science and Technology Cooperation Center between India and Korea' at Bangalore, India. This facility will be operated by Korea Institute of Science and Technology (KIST) and Indian Institute of Science (IISc). It is concluded that Korea will attract and retain high quality IT man power and also send Korean job seekers to India for IT-oriented job training. In addition, they will, in concert, execute research on aerospace technology and endorse student exchange programs in Korean and Indian colleges and universities.
On January 19, 2010, was the launching of The Indian Chamber of Commerce in Korea (ICCK) at Shilla Hotel in Seoul. Ambassador Skand R Tayal said, during the congregation, "The comprehensive economic partnership agreement (CEPA) that took effect on New Year's Day will start a new era of strong economic cooperation." He continued that, "Korea can boast its advantage in manufacturing industries, while India has the strength in knowledge and service industries." Kim Jong Sik, President and CEO of TDCV also said, "The ICCK acts as a strategic partner in the global marketplace on political, economic, cultural, and business leadership." The launching of ICCK and with CEPA together promoting bilateral economic cooperation has opened doors to Korean market as well as to Indian market. There are 50 participating companies for the ICCK.
India and Korea's trade volume in 2000 was US$2.3 billion and has increased to US$15.6 billion in 2008. Korea invested US$2.5 billion last year; India invested US$83 million to Korea to strengthen economic cooperation. On a similar note, Korea will get involved in India's Electronic government projects and Social Overhead Capital (SOC) infrastructure that contends with software technology.
