New Delhi, Jan 25 (IANS) India and South Korea Monday signed four pacts in areas ranging from peaceful uses of space to cooperation in IT and explored prospects of a civilian nuclear pact, a crucial step expected to bring two of the region’s fastest growing economies closer.
Prime Minister Manmohan Singh held talks with visiting South Korean President Lee Myung-bak Monday evening on a wide range of bilateral, regional and global issues, including the intensification of economic ties, UN reforms and cooperation in civilian nuclear energy, defence and civilian space technologies.

The two sides inked four pacts after the talks - related to cooperation in peaceful uses of outer space, IT, science and technology for the year 2010-12 and transfer of sentenced persons.

They agreed to set up a fund of $10 million (with each side contributing $5 million) to promote bilteral research ventures.

Manmohan Singh sought South Korea’s cooperation in the areas of civilian nuclear energy and non-proliferation.

Lee responded positively and assured to take a closer look at the possibilities of bilateral cooperation in this field, reliable sources said. He was very optimistic about progress in this area and stressed that South Korean nuclear companies were very competitive in this regard, the sources said.

South Korea, a member of the 35-nation Nuclear Suppliers Group, backed consensus in the NSG for re-opening global nuclear trade with India in September last year.

Manmohan Singh assured his South Korean guest that his government was doing everything possible to fastrack the $12 billion South Korean Posco steel project at Jagatsinghpur district in Orissa, the single largest foreign direct investment in India.

Lee will be the chief guest at the Republic Day celebrations, a signal honour bestowed on the leaders of those countries with which India wishes to develop strategic ties.

Earlier in the day Lee was accorded a warm ceremonial welcome at the forecourt of the Rashtrapati Bhavan as he began the official leg of his four-day visit to India.

He also met External Affairs Minister S.M. Krishna, the ruling United Progressive Alliance (UPA) chair Sonia Gandhi and Vice-President Hamid Ansari.

Accompanied by ministers, parliamentarians and businessmen, Lee arrived here from Chennai to begin a four-day state visit to India Sunday evening.