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South Korea, India to boost trade, investment

South Korea, India to boost trade, investment

South Korea's president met with Indian leaders Monday to strengthen the growing trade between two of Asia's largest economies, an official said.
Trade between the two countries, just $2.6 billion in 2002, reached more than $16 billion in 2008, said Gautam Bambawale, an Indian foreign ministry official.
About 300 South Korean companies have offices here, including major firms like Hyundai, LG and Samsung.
South Korean President Lee Myung-bak met in New Delhi with India's External Affairs Minister S.M. Krishna on Monday and was scheduled to hold talks with Prime Minister Manmohan Singh and other officials later in the day.
Nearly five months ago, the two countries signed an ambitious free trade agreement abolishing or cutting tariffs for the vast majority of traded goods. The agreement also paved the way for Indian computer and software experts as well as English teachers to gain access to the South Korean market.
Lee is accompanied by a large Cabinet delegation, including his ministers of foreign affairs, education, economy and sports.
"This gives an idea of the breadth of our cooperation and the number of sectors in which we are working together and where we are looking at deepening cooperation," said Bambawale.
President Lee will be the chief guest at India's national day celebrations Tuesday, which commemorates the 1950 adoption of the constitution. He will leave for Zurich on Wednesday.