India and Koreaon Wednesday, agreed to make efforts to expeditiously conclude the revision of double taxation avoidance pact after reviewing their positions on major pending issues. Both the nations also agreed to consider issuing licences for establishing bank branches and offices in each other's country at the Fourth India-Korea Finance Ministerial Meeting held in New Delhi. According to minutes issued after the meeting, the two countries agreed for cooperation and concluding an MoU on financial supervision between the RBI and the Financial Services Commission, Korea. The two sides also underscored the need to evolve a vision for medium and long-term cooperation between them for systematic and close bilateral cooperation. Acknowledging that the India-Korea Comprehensive Economic Partnership Agreement has contributed to enhancing trade and investment flows, the two economies agreed to continue their consultations on the pact. They also agreed to make efforts to promote SME cooperation between the two countries. On infrastructure development, the minutes said India agreed to the proposal from Korea to sign the MoU on railways cooperation between the two countries. Earlier, addressing the meeting, Finance Minister P Chidambaram asked the South Korean companies to take advantage of the investments opportunities in the Indian infrastructure sector. Mr Chidambaram said, several steps have been taken in the recent months to reverse the economic slowdown and improve the investment climate in view of country's 8 per cent growth potential . On Posco steel plant, which is being developed by a Korean company in Odisha, Mr Chidambaram said the land acquisition process for the project has been completed. Mr Chidambaram also said, the government is examining the recommendations of the Financial Sector Legislative Reforms Commission (FSLRC), which was formed to review and rewrite the legal-institutional framework of the financial sector laws. 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.