Enhancing Business engagement with the Business leader of the world, PM Modi expressed Korea as a truly natural partner while on 2-day state-visit in South Korea
Seoul, Feb 21: To furthering the economic and Business engagement with South Korea, PM Narendra Modi embarked 2-day state visit to South Korea. Modi is visiting South Korea for the 2nd time since 2015 on the invitation of President Moon Jae-in.
He addressed India-Republic of Korea Business Symposium in Seoul.
While addressing the conference, Modi said, “India has emerged as a land of opportunities. While we work for realizing the ‘Indian Dream’, we seek like-minded partners. And, among them, we see South Korea as a truly natural partner”.
While addressing the developmental progress of India, Modi stated, “Today, India, a country of 1.25 billion people, is going through a great transition; It is changing from, An agriculture-dominated economy to an economy led by industry and services; An economy that is closed to one that is globally inter-linked; An economy that is known for its red tape, to one known for a red carpet”.
Further, he added, "In the last four years, we have jumped 65 places in the World Bank’s Ease of Doing Business ranking, to 77th. And, we are determined to move into the top 50 next year. We are one of the most open countries for Foreign Direct Investment today. More than 90 percent of our sectors are now on automatic route for approval".
While recognizing the development of India, he stated, Now, 99 percent of Indian households have a bank account and more than 12 billion dollars have been deposited in these accounts, Under the Mudra scheme, we have extended micro-credit worth more than 90 billion dollars to 128 million persons over the past three years. 74 percent of these loans have gone to women.
He said, “After my visit to Korea in 2015, we have launched a Korea specific facilitation cell called “Korea Plus” to guide, assist and hand-hold investors during the entire life-cycle of the business”.
He expressed, “India is now recognized by the International Energy Agency as one of the greatest success stories in bringing about rural access to energy in 2018: PM Modi n renewable energy, we have become the sixth largest producer in the world. This and our initiative of the International Solar Alliance will enable India to be a pioneer in moving in the direction of a green global economy”.
While addressing the India-ROK relations, Modi said, “Economic progress is closely tied to world-class infrastructure. Be it transport, power, ports, shipbuilding, housing, and urban Infrastructure, there is a huge demand in India while there are strong technological capabilities and capacities in Korea.
He also added, While aiming for fast economic growth, India is also rooted in the principles of ensuring sustainable economic growth. For example in the automobile sector, the national electric mobility mission aims for affordable and efficient electric vehicles.
“And, we do understand that the role of government is to provide the support system. In this regard, we have introduced flagship program start-up India with 1.4 billion dollars fund for four years to create a startup eco-system in India”, he said.
He said, “Our vision of India-Korea start-up center will provide a hub for Korea startups and Indian Talents”.
He expressed his vision about engagement with Korea and said, “Research and innovation would be the driving force in the 4th industrial revolution era. South Korea being a leading manufacturer of electric vehicles has a huge opportunity in this sector in India. In the Field of innovation, both countries have decided to establish 'India-Korea' Future Strategy group and India-Korea center for research and innovation to provide an institutional framework for future-oriented cooperation, research, and enterprise”.
While concluding the speech PM Modi used one Korean expression, which means “if you walk alone, you can go fast, but if you walk together, you can go far away”.
