Finance Minister P.Chidambaram today said there is a lot of scope for enhancing cooperation in trade and commerce between India and Korea. He called for taking initiatives in knowledge sharing, infrastructure financing and public-private participation. The Finance Minister was speaking at the 4th India-South Korea Finance Ministers meeting in New Delhi. In his opening remarks, the Minister stressed on early finalisation of IMF quota formula. Noting that the lending capacity of multilateral organisations like World Bank and Asian Development Bank, ADB are shrinking, Mr. Chidambaram stressed on adding more resources so that they can lend more to developing economies. He said Indian economy will clock five percent growth during the current financial year despite the sluggish growth in the world economy. He said the fundamentals of Indian economy are strong and government is focussing on financial sector reforms. Deputy Prime Minister and Minister of Strategy and Finance Hyun Oh Seok who represented Korea in the meeting also favoured closer economic cooperation between the two countries to further strengthen trade and commercial ties.