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The Empowered Group of Ministers (EGoM), headed by Finance
Minister P. Chidambaram, on Thursday, approved the sale of 10 per cent
government stake in Indian Oil Corporation to Oil and Natural Gas Corporation
and Oil India Limited, which is likely to garner Rs.4,800-Rs.5,000 crore to the
exchequer.
Ø India and South Korea signed nine pacts aimed at imparting forward
momentum to their bilateral ties that have seen intensification over the past
four years. During a meeting between Prime Minister Manmohan Singh and
visiting South Korean President Park Geun-hye here on Thursday, India assured
her that work on the multi-billion-dollar Posco steel plant in Odisha would
start in the coming weeks. As Dr. Singh noted, the Agreement on the
Protection of Classified Military Information would boost defence engagement
and take it beyond the purchase of South Korean defence equipment to an area
where Seoul is strong — maintaining the sanctity of its land and maritime
borders. Another forward looking aspect was exploring the possibility of
setting up a Korean Industrial Park in India. South Korea is one of the few
countries with a trade surplus with China and India’s intention is to not only
to provide a new avenue for its industry suffering from sluggish growth in
exports that account for half of the country’s GDP, but also get integrated in
the global supply chain. The two sides also announced the conclusion of
negotiations for revision of the existing Double Taxation Avoidance Convention.
Dr. Singh conveyed to Ms. Park his Government’s decision to extend a ‘tourist
visa on arrival facility’ to South Korean nationals. In Science and
Technology, both countries will build on the experience of working on many
practical projects financed through a $10 million Joint Fund by inking a MoU on
Joint Applied Research. They also plan to step up collaboration in the peaceful
uses of space science and technology.
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