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Prime Minister Narendra Modi with South Korean President Park Geun-hye during the India-Republic of Korea CEO’s Forum in Seoul on Tuesday. Photo: PTI
Prime Minister Narendra Modi with South Korean President Park Geun-hye during the India-Republic of Korea CEO’s Forum in Seoul on Tuesday. Photo: PTI

In South Korea, Narendra Modi promises to make India a better place for business

South Korean president sees Modinomics, 3.0 plan as drivers of global growth

New Delhi: South Korean President Park Geun-hye on Tuesday said “Modinomics" and South Korea’s “3.0 economic plan" could together become central drivers for boosting the global economy while Prime Minister Narendra Modi promised personal attention to make India a better place for business.

The two leaders made the remarks while addressing the first meeting of a newly set up India-South Korea CEOs forum in Seoul. Modi is on a two-day visit to South Korea—the last leg of a three-nation Asian tour that also took him to China and Mongolia.

In her remarks, Park also proposed strengthening cooperation between the two countries in manufacturing, creative industry and new energy industries, the Press Trust of India (PTI) news agency said.

On his part, Modi promised to give “personal attention" to making conditions in India “more conducive" to business.

“I have always been fascinated by Korea. How a country of the size of Gujarat can achieve so much progress," foreign ministry spokesperson Vikas Swaroop quoted Modi as saying.

Winning pledges of investment and support for his ‘Make in India’ campaign aimed at boosting India’s manufacturing sector, has been a key priority for Modi during his trips abroad in his first year in office. The Modi government will be marking its first year in office on 26 May.

Promising Korean CEOs a more stable, predictable and transparent taxation system, Modi outlined the steps taken by his government, which include fast-tracking of approvals in industry and infrastructure, and liberalisation of foreign direct investment (FDI) rules.

“I can admit that the reason for this low volume of FDI lies with us, not with you. But I can tell you that India was and is a land of potential. Now, India is also a land of enabling policy environment. Moreover, there is renewed commitment of my government for changing the face of the country. We can join hands in the mutual benefit of our people and industry. There is a lot that we can do together," Modi said.

“The sectors which are strong in Korea are very important for the development of my country. Many of you are already present in India. For those who are not there, I extend an invitation to come to India and explore the opportunities," he said.

Later, the Prime Minister held one-to-one meetings with the CEOs of Hyundai, Samsung Electronics, Posco and LG. All these companies want to expand their footprints in India, PTI said.

Information technology, steel, electronics, automobiles and construction besides research and development and innovation were some of the areas in which Korean companies had set impressive records, Modi said, adding: “We in India want to achieve a lot of what Korea has already done. That is why I, along with a large business delegation, am here."

Later, in a meeting with Kil Seon Choi, chairman of Hyundai Heavy Industries in Ulsan, situated in the southeast of the country, Modi said “Shipbuilding is a top priority for us," according to a Twitter post by Swaroop.

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