As part of country’s Look East policy, the President, Ms Pratibha Patil, will embark on a week-long visit of Korea and Mongolia from tomorrow to further bilateral relations with both the nations.
The President will also strongly pitch for civil nuclear cooperation with her Korean counterpart during the visit.
Ms Patil will be visiting Korea between July 24-26 and Mongolia from July 27-30.
Korea, with a gross domestic product (GDP) of about $1 trillion, has a per capita income of $20,000. The trade between India and Korea touched $17 billion in 2010.
Korea is home to various information technology companies and home appliances giants including LG, Samsung and Daewoo among others.
New Delhi’s strategic relationship with Seoul was cemented following South Korean President Mr Lee Myung-bak’s strategic visit here in January 2010.
A Joint Task Force is functional to conclude a bilateral Comprehensive Economic Partnership Agreement (CEPA), which was signed in 2009 and came into force from January last year, to explore avenues and boost trade ties among others.
Ms Patil’s visit to Mongolia is aimed at finding new avenues to explore trade and cultural relationship with tie ups in Defence, information technology, trade and commerce.
India exports pharma products, veterinary medicines, automobiles and its parts to Mongolia and the trade between the two nations has touched $16.9 million.
Mongolia has established free trade zones on its border points with China and Russia and is pursuing the policy of attracting foreign investments and considered as Most Favoured Nation (MFN).
Ms Patil will be the first Indian President to visit Mongolia after 23 years.
The visit also seeks to explore ties for providing assistance in exploration of mines as Mongolia is a mineral-rich country and holds vast scope in mining sectors.