Seoul, May 18 (IANS): Prime Minister Narendra Modi on Monday said that India and South Korea have agreed to expand their defence and security cooperation and that he has invited South Korean companies to invest in the manufacture of defence equipment in India.

Both sides inked seven agreements, including for avoidance of double taxation.

In a media statement after talks with South Korean President Park Geun-hye, Modi also said that both countries have agreed to elevate their bilateral ties to Special Strategic Partnership.

Modi said he and Park "see vast opportunities for Korean companies to participate in our 'Make in India’ Mission”.

“Besides defence equipment, I invited Korean investments in areas like ship building, including LNG tankers,” he said.

Both sides have agreed to set up a Joint Working Group on ship building, which he said, “reflects our seriousness to cooperate in this area”.

“Korean companies will be participating in India's plans to acquire and manufacture LNG tankers,” Modi said,

Terming their bilateral trade “well below its potential”, both sides have agreed to review the Comprehensive Economic Partnership Agreement and other market access related issues.

“We consider Korea a crucial partner in India's economic modernization,” he said.

“We have laid the foundation for a relationship that two major Asian countries with shared values should have,” Modi said.