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India will further strengthen the Korea Plus cell created here to promote and facilitate investments, Commerce and Industry Minister Suresh Prabhu said today.
The cell was launched last year to promote and facilitate investments from the east Asian country in India.
Korea Plus comprises a representative each from the South Korean Ministry of Industry, Trade and Energy and Korea Trade Investment and Promotion Agency (KOTRA). It also includes three officials from Invest India.
"We would further strengthen the Korea Plus cell created to facilitate Korean investments in India," Prabhu said in a series of tweets.
He is in Seoul for Asia-Europe Meeting (ASEM) of economic ministers. This meeting is happening after a gap of 12 years.
He said the key would be to leverage Korea's technological prowess to support industrial growth in India.
India and South Korea are also reviewing their free trade agreement. Officially dubbed as Comprehensive Economic Partnership Agreement (CEPA), the pact was implemented in January 2010.
The bilateral trade in 2016-17 increased to $16.82 billion from $16.57 billion in the previous fiscal.
The minister will also hold bilateral meetings with leaders from France, Spain and Norway.
"Met Mr. Benjamin Griveaux, Minister of State for Economy and Finance, France: India's all weather friend, strategic partner, largest supplier of nuclear fuel. We are working towards achieving the target of increasing bilateral trade to 12 Billion Euros," Prabhu said.
He added that during the meeting with Norwegian State Secretary of the Ministry of Trade, Industry and Fisheries Dilek Ayhan, he discussed potential to expand trade opportunities in areas including sea food.
At the ASEM, the minister said there are challenges ahead to ensure free and fair trade.
ASEM is an intergovernmental process established in 1996 to foster dialogue and cooperation between Asia and Europe.