In an attempt to fight against rising global protectionism, India and Republic of Korea have agreed upon the need to stimulate investments flows to push infrastructure development and bilateral trade among others.
The two nations also signed agreements to establish $9 billion in concessional credit and $1 billion in Official Development Assistance (ODA) funding for infrastructure development projects in India. With this, South Korea became one of the first non G-7 countries to become an ODA contributor in India. In addition, both the countries agreed to consider deploying part of this fund towards the Smart City projects in India. They also agreed to establish a mechanism at senior official levels, to identify good infrastructure projects in India, to draw upon these funds.
As the world's fastest growing major economy, India offers Korea important opportunities to deploy its capital and technologies in India. South Korea's interest in finding new openings to diversify its economic partnerships offers India great opportunities.