He said a financing arrangement of USD 10 billion has been earmarked by the Korean government for infrastructure development in India. He also said that an MoU on bilateral scientific cooperation is to be signed on Tuesday that will include "industrial technology" in the scope of the agreement. Mr Moon noted that his Southern policy aims to raise Korea's relations with India to the level of those with the four major powers around the Korean peninsula.

In his address, Indian Commerce Minister Suresh Prabhu said that official talks are already underway to improve and upgrade the existing Comprehensive Economic Partnership Agreement (CEPA), or the free trade pact, with South Korea. Mr Prabhu also said the government is actively pursuing the idea of setting up Special Economic Zones (SEZs) in India exclusively for Korean companies.