IN the second meeting of Finance Ministers of India and Republic of Korea, Indian Finance Minister Pranab Mukherjee said that there is a lot of commonality of interest among the two countries and they can play major role in recovery of global economy from its recent meltdown. He said both the countries have common approach to global issues and are 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. He said that there was a lot of scope for South Indian companies to invest in India in infrastructure sector including transport, power and IT network. He said that both the countries can benefit by sharing of their knowledge in financial and economic areas.

Visiting South Korean Minister Mr Yoon Jeung-Hyun in his opening remarks said that these bilateral meetings should be held at Finance Minister's level annually and his country is keen to have strong relationships with India not only in financial and economic areas but in other areas as well. He said that there is 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.