India and Korea have strong bilateral relations in field of Finance : Dr Mayaram
INVC, Delhi, 4th Korea-India Finance Ministerial Working Level Meeting was held here today. The Indian delegation was led by Dr Arvind Mayaram, Secretary, Department of Economic Affairs, Ministry of Finance along with senior officials of the Ministry, RBI and CMD, IIFCL among others. The Korean delegation was led by Mr Yoon Tae Yong, Director General, International Economic Affairs Bureau, Min of Strategy and Finance, Republic of Korea along with senior officials of his Ministry, Ministry of Land, Infrastructure and Transport, Republic of Korea among others. In his opening remarks Dr Mayaram, Secretary, Department of Economic Affairs said that India and Korea have strong bilateral relations in field of Finance, Science and Technology and Cultural exchange among others. He said that many Korean companies are already doing manufacturing and servicing activities in India especially in automobile and consumer goods sector. He said that the bilateral relations between the two counties have increased more than 25% annually since 2003 in different areas of mutual interest. He said that since 2011, both the countries are holding Finance Ministerial Level Meetings on regular basis. In his opening remarks Mr. Yoon Tae Yong said that the economy of Republic of Korea is likely to grow at the rate of 3.9 % next fiscal due to the boosting measures and stimulus package implemented by his Govt. He expressed the need for joint strategy to deal with tapering of quantative easing (Q.E.) by US Federal Reserve. Later both sides exchange views on Macroeconomic Outlook and Policy Directions, measures to reinforce co-operation under the multilateral framework and appreciated the deepening and developing of bilateral economic co-operation between the two countries. Both sides had in-depth discussions on issues of mutual interest in areas of trade and investment, public service and fiscal affairs, taxation and finance and infrastructure development co-operation among others.