India, Korea to explore oil & gas sector

Prime Minister Manmohan Singh held bilateral talks with his South Korean President Roh Moo-Hyun in Kuala Lumpur, Malaysia on Tuesday.

South Korea is a major investor in India. Recently Pohang Steel Company or Posco, the world's fifth largest steel company based in South Korea, had signed a deal with the Orissa government.

Besides Posco, LG, Samsung and Hyundai have also made big investment plans in India. Both India and South Korea agreed to work in the oil and gas sector along with Myanmar. The scope could expand to include other countries.

Korea lauded India's achievement in the economic and technological arena. Roh said that India's policies were responsible, positive and constructive.

Besides IT, both countries agreed to cooperate on maritime security, navy and coast guard. Korea, which has a strong hardware base, said that it was time to focus on developing its software industry.