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Shri Kamal Nath, Union Minister of Commmerce & Industry, will be attending a Business Meeting with Mr. Roh Moo-Hyun, President of Republic of Korea here tomorrow. During the meeting, the two leaders are expected to discuss ways and means to enhance the trade and economic cooperation between the two countries. The meeting is being organised jointly by the Confederation of Indian Industry (CII) and the Federation of Indian Chamber of Commerce & Industry (FICCI). The Korean Minister of Commerce & Industry, Mr. Lee Hee-beom, will also call on Shri Kamal Nath tomorrow in order to explore possibilities of joint ventures, collaborations and discuss other issues regarding the bilateral trade.
India’s trade with Korea in 2003-04 has more than doubled as compared to 1997-98. During 2001-02 to 2003-04, the bilateral trade has registered an average growth of around 34% per annum. Indo-Korean trade at US $ 3.22 billion accounted for 2.28% of India’s global trade during 2003-04 as against 1.92% in 1997-98. India’s exports to Korea at US $ 762.16 million registered an increase of 18.19% during 2003-04 over the previous year.
Major items of India’s exports include cotton yarn, fabrics, made-ups, etc.; primary and semi-finished iron and steel; oil meals; other ores and minerals; petroleum products; drugs, pharmaceuticals and fine-chemicals etc. Major items of India’s imports include electronic goods; machinery except electrical and electronics; transport equipment; iron & steel; artificial resins, plastic materials; organic chemicals etc.
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