India, S Korea target $ 10 bn trade

India and South Korea have set an ambitious target of $10 billion bilateral trade by 2008 and are exploring new opportunities of cooperation in wide areas like information and communication technology, External Affairs Minister K Natwar Singh said on Wednesday.

Addressing the Korea-India Society in Seoul, he said close cooperation between the two countries was an important factor of stability in a rapidly transforming Asia.

Speaking on 'India-Korea partnership in the changing Asian architecture', he said the topic highlighted the importance New Delhi attached to Korea in its foreign policy.

He also spoke of the role both countries were destined to play in the emerging prominence of Asia in the global political and economic order.

Observing that the respective strengths and complementarities of the two countries threw open new opportunities for collaboration, he said "we are seeking to promote our cooperation in a wide range of areas like information and communication technology, infrastructure, textiles, petrochemicals, oil and gas field development including third country collaborations, automobiles, ship building and agriculture.

The two countries have also agreed to explore expanding cooperation in science and technology including in the area of high technology and space, he said. India, he stressed, was committed to pursuing a comprehensive social and economic development programme.