India and Korea have signed five pacts in different areas to deepen economic cooperation and bolster defence engagements. The pacts include Protection of Classified Military Information, peaceful use of space and establishment of Nalanda University. The agreements were signed after delegation-level talks between Prime Minister Dr Manmohan Singh and visiting South Korean President Park Geun-hye in New Delhi this afternoon.

In his opening remarks, Prime Minister Dr Manmohan Singh said India and Korea have agreed to set up CEOs Forum to provide new ideas for deepening economic collaboration. Dr Singh said, today's meeting between him and visiting dignitary will strengthen strategic partnership between the two sides.

The Prime Minister said sustaining trade growth and expanding economic exchanges are necessary for a stronger India- Korea relations. Dr Singh added both the countries have agreed to initiate a cyber affair dialogue between both governments. Dr Singh said India has also decided to extend tourist visa on arrival facility to the nationals of Republic of Korea.

Earlier in the morning the South Korean President was accorded ceremonial reception at the Rashtrapati Bhawan.

The visiting dignitary is scheduled to meet the President, the Vice-President and the Leader of the Opposition in the Lok Sabha during her four-day stay in the country. The South Korean President is accompanied by a delegation which includes the Foreign Minister, the Minister for Science and the Minister for Trade and Industry.

Our Correspondent reports, the visit will strengthen the India-Korea Strategic Partnership. The two countries have a very robust economic relationship and bilateral trade reached over 18 billion Dollar in 2012.