South Korean President to be chief guest at R-Day parade

South Korean President Lee Myung-bak is arriving in New Delhi on Sunday on a four-day visit. He will be the chief guest at the Republic Day parade.

Civilian nuclear cooperation is expected to be one of the key issues that will figure in the President’s discussions with Prime Minister Manmohan Singh. India’s interest in a civilian nuke deal with Korea was generated after Korean Electric Power Corporation (KEPCO) outbid French nuclear firm, Areva to bag a US $ 20 billion contract to build four nuclear reactors in UAE.

Nuclear Power Corporation of India(NPCIL) has already made initial contacts with KEPCO. It may, however, be noted that South Korea does not have uranium for a larger nuclear deal, whereas India has till now concluded such agreements only with countries that can supply uranium.

Lee’s visit, is his first overseas visit this year. The two countries bolstered economic cooperation recently through a free trade deal called Comprehensive Economic Partnership.

Agreement (CEPA).The pact is expected to boost bilateral trade volume—which was around US $ 15.5 billion in 2008—by 15 per cent annually. Agreements in areas of IT and peaceful uses of space technologies are also expected to be signed on January 25.

Meanwhile, India has granted a crucial environment clearance to Korean steel major Posco’s $12 billion project in Orissa, the single largest FDI in the country. The clearance was given on December 29. “Government of India and the government of Orissa are trying their best to pave the way for the initiation of the project,” External Affairs Ministry spokesperson Vishnu Prakash told reporters in New Delhi on Friday.

- Asian Tribune -