Korea, India sign pact for nuclear cooperation

[Vibs]

President Lee Myung-bak, right, smiles alongside Indian President Pratibha Patil ahead of their summit at Cheong Wa Dae, Monday, during which they signed an agreement for nuclear energy cooperation. / Yonhap
By Kang Hyun-kyung

South Korea and India agreed Monday to expand cooperation and exchanges in the areas of nuclear energy, defense industry and security.

President Lee Myung-bak and Indian President Pratibha Patil signed an agreement for nuclear energy cooperation, paving the way for Seoul to export atomic power plants to the fast-developing nation.

The agreement was signed between the two leaders during a summit at Cheong Wa Dae and will provide South Korea with a legal foundation for participation in India’s atomic power plant construction project.

Korea has been stepping up efforts to export nuclear power plants since local firms won a $18.6 billion project in late 2009 to build four atomic power plants in the United Arab Emirates after beating their U.S., Japanese and French rivals.

At the summit, Lee asked the Indian leader to help Korea win bids to construct nuclear power plants in the South Asian country Monday.

The request came amid India’s pursuit of nuclear energy to meet soaring demand for electricity.

Russia, France and the United States have already joined the multi-billion dollar Indian market.

On the sidelines of the summit talks, the two leaders attended the signing ceremony of the Korea-India nuclear pact aimed at promoting peaceful use of nuclear energy.

Representing their governments, Minister of Foreign Affairs and Trade Kim Sung-hwan and his Indian counterpart signed the pact, which will qualify local firms to join bids to construct nuclear power plants in India.

In a statement released to the press, the presidential office said the two leaders also discussed ways to expand cooperation in political, security areas and the defense industry.

At summit talks, the two leaders agreed to work closely to ease import regulations in order to further facilitate free trade between two nations.

Earlier, Korea and India signed a trade pact, dubbed the Comprehensive Economic Partnership Agreement (CEPA), which went into effective from last year.

Lee and Patil acknowledged that the trade accord was crucial not only in beefing up bilateral trade, but also boosting investments and human-to-human exchanges.

President Lee expressed his hope that more South Korean firms, including POSCO, can join India’s infrastructure building projects.

The two leaders also agreed to set up a culture center in their counterpart country and initiate an exchange program for journalists.

Patil arrived in Korea on Sunday for a four-day visit at Lee’s invitation.

The Indian president is scheduled to meet with National Assembly Speaker Park Hee-tae and then pay a visit to the Samsung research complex Tuesday before heading back home.
http://www.koreatimes.co.kr/www/news/nation/2011/07/113_91575.ht