India is also likely to ask for bridging the trade deficit which it has with that country.

South Korea is likely to ask for removing hinderance to POSCO project in Odisha.

The South Korean President is likely to meet the Indian Prime Minister Dr Manmohan Singh at a delegation level talks here on Thursday.

In July 2011, India and South Korea signed an agreement on peaceful uses of nuclear energy when the then President of India Pratibhadevisingh Pail visited that country. India seeks to consolidate its civil nuclear energy programmes before moving further and looking at new sites or looking at new projects.

India has cooperation on defence research and development with South Korea. India also works with South Korea on anti-piracy activities in the Gulf of Aden and joint naval exercises.

When asked if the visit of the South Korean President and the likely visit of the Japaneses Minister will invite Chinese reaction, the Joint Secretary (East Asia) in the Indian External Affairs Ministry, Gautam Bambawale said : ' let me say that it just so happens, it has worked out in this way that we have the South Korean President and the Japanese Prime Minister likely to come in close proximity to each other. It I think speaks of the fact that India is an important country in the Asian region and that we are an integral part of this region. We are an integral part of the South, Southeast Asia, East Asia region, and we have very strong bilateral relationships with all these countries whether it is South Korea, whether it is Japan, whether it is China or the individual Southeast Asian nations also. And I think China itself has a very strong relationship with each of these countries. So, I do not see anything special in this. But I cannot speak for China of course. '

Further clarifying India's growing relationship with South Korea, he said : ' If you just take a look at the level and intensity of high-level visits between our two countries between 2010 and now 2014, you will see that it is much more than what it used to be before that. The reason for this is of course the intensification of our relationship across the board, particularly in the area of economics. The fact that Korean companies are major investors in India is known to all of us.'

During the last few years there have been several high-level summit meetings between India and the Republic of Korea. In January 2010, the then President of the Republic of Korea Lee Myung-bak had visited India. In July 2011, then Indian President Pratibha Patil had visited Seoul. Subsequently in March 2012, Indian Prime Minister Dr Manmohan Singh had visited Seoul. South Korean President Park is visiting India in the first year since she assumed office last February.

India and South Korea signed a Comprehensive Economic Partnership Agreement in
2009 which came into effect from January 1, 2010. The India-South Korea bilateral trade is little over $18 billion, with trade balance in favour of South Korea. India is likely to ask for more access of its computer sofware and pharmaceutical products.

South Korea is a major investment partner in India. There are about 300 South Korean companies operating in India, employing about 40,000 Indian workers. Indian companies operating in South Korea are mainly in areas of motor vehicles, IT and pharmaceuticals.

Total amount of South Korean Investment in India amounts to $3 billion and total amount of Indian investment in South Korea is about $1 billion.

The proposed South Korean company POSCO project is now in limbo. The South Koreans would like India to remove all hinderances on its path. Recently the Indian Ministry of Environment and Forests has extended the environmental clearance for the project for another five-year period. The acquisition of land has more or less been completed by the Government of Odisha.
Initially the South Korean multinational was to set up a 12-million tonne per annum integrated steel plant. However, the current proposal is for an 8-million tonne per annum steel plant, which requires 2,700 acre of land already acquired by the Odisha Government.