A Memorandum of Understanding (MoU) was signed between the EXIM banks of the two countries for the purpose of promoting trade and investment. The Executive Director EXIM Bank of India, Prabhakar Dalal and theExecutive Director Korean Exim Bank, Ki-Sub Nam signed the MoU.

Mukherjee was addressing the second bilateral meeting of finance ministers of India and Republic of Korea. The Minister of Strategy and Finance of the Republic of Korea, Yoon Jeung-Hyun was representing the other side.

The first bilateral meeting of the finance ministers was held in Seoul in September 2006.

In his opening remarks, Mukherjee said that there was a lot of commonality of interest among the two countries and both can play a major role in recovery of global economy from its recent meltdown. He said both the countries have common approach to global issues and were making serious efforts for stronger and sustainable growth. He also emphasized the need for institutionalizing the financial and economic cooperation and dialogue among the two countries

The visiting South Korean minister, Yoon Jeung-Hyun said that these bilateral meetings should be held at finance minister level annually and his country was keen to have strong relationships with India not only in financial and economic areas but in other areas as well. He said that there was a lot of scope for cooperation among the two countries in the fields of double taxation avoidance agreement, transfer pricing policy and infrastructure developments among others.

Later the official delegations of both the countries led by their respective ministers discussed a wide range of issues ranging from macro-economic developments in the global economy, performance and future directions of G20 mechanism, cooperation between the financial supervisory authorities of the two countries, further cooperation in infrastructure and green sector projects through Private-Public Partnerships, issues of tax reconciliation and disinvestment of State Owned enterprises.

India-Korea relations rest on deep historical ties based on a strong foundation of shared cultural heritage, commitment to democracy and desire to establish a long-term cooperative partnership. The cooperation between the two countries covers all areas of bilateral relations, namely political, economic and commercial, defence, information technology, science and technology, cultural exchange, etc. The bilateral meeting between the finance ministers is expected to further strengthen this relationship, increase mutual cooperation in the G20, and lead to increased investment opportunities in the two countries.