Modi calls for more Korean investments
500 Korean companies operate in India
Prime Minister Narendra Modi has called for more investments from South Korean industrial sectors, pointing out that 500 Korean companies were operating in India.
As the first reference point for Korean Investors in India, “Korea Plus” has facilitated more than 100 Korean Investors since June 2016, he told India-Korea Business Summit-2018 held in Delhi on 27 Feb 2018.
“Over 500 Korean companies are operating in India… (and) many of your products are house-hold names in India,” said Modi, pointing to the presence of 500 Korean companies operation in the couontry.
But he wants more Korea invesments, given India’s potential for the Korean Investors with its huge market and enabling policy environment.
South Korea ranks only 16th in Foreign Direct Investment (FDI) Equity inflows to India.
“Since many of you are already present in India, you already know the ground realities. Also, through your interaction with Indian CEOs, you must have already discovered the direction in which India is going,” said Modi.
Bilateral trade between the two countries crossed US$20 billion last year, for the first time in six years.
“Your open market policies have found resonance with India’s economic liberalization and Look East Policy,” he underlined.
The Prime Minister highlighted advantages of being in a market backed by Democracy, Demography and Demand. “In India, we have all the three together.”
“A rising middle class is creating further growth in the domestic market,” said Modi.
“We have worked towards creating a stable business environment, ensuring the rule of law, and removing arbitrariness in decision making. We seek positivity in day to day transactions,” he elaborated.
He expounded on Korean car making and India’s designing capabilities which can be put together.
“Though we have become the third biggest producer of steel, we need to add lot of value in it. Your steel-making capacity and our resources of iron ore can be put together for better products,” said the Prime Minister.
“Similarly, your ship-building capacity and our agenda of port led development can become a driver of our partnership.”
Housing, smart cities, railway stations, water, transportation, railways, sea ports, energy including renewables, IT infrastructure and services, electronics, are all very promising sectors in in India, he stressed. fii-news.com