THE NEWS
PM Narendra Modi inaugurated the 2nd India-Korea Business Summit, organized by the DIPP (Department of Industrial Policy and Promotion) and CII (Confederation of Indian Industry) in New Delhi.
KEY-FACTS OF THE SUMMIT
- Theme: India-Korea: Scaling up the Special Strategic Relationship through Trade and Investments.
- Aim: To create the framework for an open and action-oriented dialogue between top business leaders and the government officials from India and Korea.
- Agenda: The summit focused on specific sectors where new and immediate opportunities exist for Korean and Indian companies such as Infrastructure, ICT, Power, Smart Cities, Manufacturing and other strategic areas of collaborations.
- The summit is attended by over a thousand business delegates including 425 top executives of some leading Korean business conglomerates and Government officials are participating in the Summit.
HIGHLIGHTS
- Investment: PM Modi presented India as an economy with stable business environment & the fastest growing major economy and pitched for foreign investment in India.
- Discussions: The roundtable gave the Korean companies an opportunity to discuss their future investment plans and resolve any pending issues being faced by the Korean companies in their India operations.
- Greater economic cooperation: PM Modi outlined his vision for greater economic engagement with East Asia and the need to further boost partnership between two countries through investments and collaboration.
Indian PM further assured Korean companies to promote and protect their investment in Indian economy through every measure.
FACTS OF KOREAN ECONOMY
- The Korean economy is the fourth largest economy in Asia and ranks 16th in terms of FDI equity inflows to India with investments of $2.26 billion between March 2000 and April 2017.
- In 2017, the bilateral trade between India and Korea crossed 420 billion, for the first time in six years.
- In India, more than 500 Korean companies, including LG, Samsung and Hyundai, are operating successfully.
CONCLUSION
Now, India has become a free destination for enterprise and the fastest growing economy in the world and it is now ready for business and greater investments. India-Republic of Korea has made a great improvement in recent years and has become truly multidimensional by significant mutual interest. The summit further highlighted the strategic partnership between India and Republic of Korea and the potential, both countries have to increase trade and investment between the two countries. Indian PM with the assurance of safe investment invited Korean investments in sectors such as railways, water, transport, energy, electronics, IT and infrastructure.
