‘Need to stimulate investment flows between India, South Korea’

Seoul, June 14 (IANS) Finance Minister Arun Jaitley on Wednesday co-chaired the fifth India-Korea Financial Dialogue here wherein both countries agreed upon the need to stimulate investment flows in times of increasing risk of global protectionism.

The India-Korea Financial Dialogue was attended by South Korea's newly-appointed Deputy Prime Minister and Finance Minister Kim Dong-yeon.

"Both sides agreed that in the face of uncertainty and the risk of rising protectionism, there was a need for the two countries to increase efforts to stimulate investment flows, support for infrastructure development, and bilateral trade among others," said an Indian Finance Ministry statement.

Jaitley arrived in Seoul on Wednesday on a four-day official visit for the India-Korea Financial Dialogue and attend the second annual meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB).

Kim emphasised the importance of development of the special strategic partnership with India, the statement said.

The two ministers reviewed the international economic situation, and India-Korea bilateral economic ties in that context.

"They agreed that in the face of uncertainty and the risk of rising protectionism, there was an urgent need for the two countries to increase efforts to stimulate investment flows, support for infrastructure development, and bilateral trade among others," it said.

"As the world's fastest growing large economy, India offers Korea important opportunities to deploy its capital and technologies in India, and for India, South Korea's interest in finding new openings to diversify its economic partnerships offers India great opportunities," it added.

On Thursday, Jaitley will meet the leading Korean financial manufacturing companies in several rounds of meetings.