Wednesday, June 1 2005 11:32 Hrs (IST) - World Time -

Seoul: In a bid to boost bilateral ties, India and South Korea today (Jun 1, 2005) decided to step up efforts to take their economic partnership to higher levels by utilising synergies in trade, investment and hi-tech areas.

During a 45-minute meeting in Seoul, visiting External Affairs Minister K Natwar Singh and his Korean counterpart Ban Ki-Moon also had detailed exchange of views on the situation in the Korean peninsula, including the North Korean nuclear issue.

UN reforms covering restructuring of the UN Security Council (UNSC) also figured during the discussions, Indian officials said.

Seoul has been in favour of a broad consensus on the issue of expansion of the Security Council. It acknowledges India's growing stature and increasing role in international affairs.

During the discussions, both sides hoped that negotiations for the $ 12 billion integrated steel plant to be set up by Korean company Posco at Paradip in Orissa would be concluded at an early date.

Negotiations for the mega project are at an advanced stage, the officials said, adding this would be the largest single foreign investment by any country in India.

Singh is on a day's stopover here en-route to the Russian far-eastern port city of Vladivostok to attend the first-ever stand-alone meeting of foreign Ministers of India, Russia and China.

He was accompanied by India's Ambassador P S Ray and Ashok Kantha, Joint Secretary in the External Affairs Ministry.

Ban will visit India in early August this year for the annual meeting of the India-Korea Joint Commission when the two sides will review all aspects of bilateral relations covering economic, political and security cooperation.

Singh and the South Korean Minister exchanged their assessments on a host of regional and international issues of mutual interest.

Ban said South Korea was keen on a visit to Seoul by President A P J Abdul Kalam.

Singh said Korean President Roh Moo-Hyun's visit to India in October last year (2004) was a "landmark" one. Both leaders shared the view that all understandings reached then should be fully implemented.

The two sides had then issued a joint statement outlining a broad vision for taking forward bilateral ties to greater heights. An Extradition Treaty and another on Mutual Legal Assistance in Criminal Matters was also signed during the Presidential visit.