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| ▲ Finance Minister Choo Kyung-ho (R) shakes hands with his Indian counterpart, Nirmala Sitharaman, at the 56th Annual Meeting of the Board of Governors of the Asian Development Bank in Incheon, 27 kilometers west of Seoul, in this photo released by the Ministry of Economy and Finance. (PHOTO NOT FOR SALE) (Yonhap) |
S Korea-India-Bangladesh
S. Korea discusses wider economic ties with India, Bangladesh
By Kang Yoon-seung
INCHEON, May 4 (Yonhap) -- South Korea discussed ways to expand economic ties with India and Bangladesh, especially through its participation in large-scale infrastructure projects via low-interest loans, the finance ministry said Thursday.
Finance Minister Choo Kyung-ho met his Indian counterpart, Nirmala Sitharaman, on the sidelines of the 56th Annual Meeting of the Board of Governors of the Asian Development Bank in Incheon, 27 kilometers west of Seoul, according to the Ministry of Economy and Finance.
During the meeting, Choo noted India is a crucial economic partner boasting competitiveness both in terms of soft and hard power.
South Korea also wishes to support large-scale infrastructure projects in India, especially in the digital and healthcare sector, by utilizing the Economic Development Cooperation Fund (EDCF), he added.
Asia's No. 4 economy currently plans to roll out an EDCF worth US$4 billion for India.
Sitharaman echoed the view, suggesting that the two countries hold a ministerial-level financial meeting later this year.
Sitharaman also requested the South Korean government support companies wishing to enter the Indian market for renewable energy, infrastructure, pharmaceutical goods and foodstuffs.
During a separate meeting between First Vice Finance Minister Bang Ki-sun and his Bangladeshi counterpart, Sharifa Khan, South Korea vowed to more than quadruple its EDCF for the South Asian nation to $3 billion for the 2023-2027 period.
The two countries also signed a memorandum of understanding expressing South Korean firms' interest in a project to build the fourth subway line in Dhaka as well.
The project will utilize the EDCF, giving opportunities for South Korean firms to participate in the bidding process, according to the ministry.
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