India is ready for business and open to investments. This was stated by Shri Narendra Modi, Prime Minister of India, while addressing the India-Korea Business Summit 2018: Scaling up the Special Strategic Relationship through Trade and Investments being organized by the Confederation of Indian Industry (CII) and Chosun Ilbo in cooperation with the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Government of India.
The Prime Minister stated that India is the 3rd largest economy in Purchasing Power Parity (PPP) terms and would soon be the 5th largest economy in terms of nominal GDP. We are continuously improving our investment atmosphere, he added.
The Prime Minister said that there are very few countries in the world which have the key components in place for doing business together. India has all 3 components i.e. Democracy, Demand and Demography, he added. In FDI, India is the most open economy in the world. In many sectors, India has allowed 100% FDI and is among the top 10 FDI destinations in the world. In terms of Ease of Doing Business, India has climbed 42 places in the World Bank Ease of Doing Business rankings over the past 3 years. The Prime Minister assured Korean investors that the Government of India would provide every support in protecting their investments and valued their contribution to its economy.
In terms of areas of cooperation, the Prime Minister stated that India's software and Korea's technology can be combined, and the two countries can combine various other strengths to emerge as key partners in Asia. He identified sectors such as renewable energy, power, clean tech, steel, and IT & ITeS, among others, for bilateral engagement.
According to Mr PAIK Un Gyu, Minister of Trade, Industry and Energy, Republic of Korea, thanks to the reforms undertaken in India, there has been greater collaboration between the two countries. To further strengthen the bilateral relationship, he stated that there is a need to re-negotiate the India – Korea Comprehensive Economic Partnership Agreement (CEPA) and expand it in the light of current developments. He also suggested the need to step up cooperation in manufacturing as well as infrastructure development including Smart Cities among others.
Mr Suresh Prabhu, Minister for Commerce & Industry, Government of India, stated that the potential for cooperation is immense. The two countries could work together in areas such as marine and food products, chemicals, pharmaceuticals, environment technology, R&D for third countries, startups, and logistics as well as future industries. He noted that the India-Korea Business Summit had the largest ever industry delegation from Korea to visit India.
Mr SONG Young-gil, President, India-Korea Friendship Association, The National Assembly of the Republic of Korea stated that India is the hub of Korea’s New Southern Policy. Combined with India’s own Act East Policy, this has spurred greater collaboration between the two countries. He welcomed the Korea Plus initiative that the Government of India put in place after the Prime Minister’s visit to Korea in 2015 and hoped that business collaborations between the two countries would intensify further.
Mr. Ramesh Abhishek, Secretary, Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Government of India stated that the first India Korea Summit in 2016 was a huge success. And, this summit has achieved even greater scale and represents the increasing interest of Korean companies in India
Mr PARK Yongmaan, Chairman, The Korea Chamber of Commerce and Industry, stated that India's economy looks like it is on a very solid track. He welcomed the Prime Minister’s initiative to replace red tape with a red carpet. He was of the view that the India Korea CEPA needs to be upgraded.
Mr. Bang Sang-Hoon, President & CEO, The CHOSUNILBO stated that the 2nd India Korea Business Summit will strengthen ties between the two countries under the rubric of 'Sabka Saath, Sabka Vikas'.
Ms. Shobana Kamineni, President, CII stated that Korea companies can look at investing in sectors such as chemicals, automobiles and auto components, food processing and textiles. In addition, Korean companies could also look at investing in the servification of manufacturing in India as well as the vibrant startup space in India.
According to Mr. Chandrajit Banerjee, Director General, CII, India and Korea share a robust economic relationship. B2B & P2P connects have taken the relationship to a new high.
February 27, 2018