PM Narendra Modi invites more South Korean investment in India

 Making a call to intensify the India-Korea economic relations, Prime Minister Narendra Modi here on Thursday urged more Korean businesses to turn their attention towards India."I wish to see more and more Korean businesses turning their attention to India," Modi said.

Addressing the India-Korea Business Symposium, Modi who is on a two-day official visit to South Korea, said India has become one of the most open countries for foreign direct investment (FDI), recording $250 billion inflow in the past four years.

Noting that this was his third interaction with the Korean business leaders in 12 months, Modi said: "Negotiations to upgrade the comprehensive economic partnership agreement (CEPA) have been fast-tracked to achieve the bilateral trade target of $50 billion."

India features among the top 10 trade partners of South Korea and is the sixth largest export destination for S Korean goods with the trade volume reaching $21.5 billion in 2018. 

"Not just trade, in terms of investment also we are seeing a positive turn. Korean investments into India have reached a cumulative figure of almost $6 billion," the Prime Minister said. 

Noting that the South Korean National IT Industry Promotion Agency (NIPA) has opened its India office in Bengaluru to facilitate Korean startups in India, the Prime Minister said both the countries have decided to set up a future strategy group (FSG) and a centre for research and innovation cooperation.

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Highlighting the sound fundamentals and that the Indian economy is on its way to become a $5 trillion economy soon, Modi said no other large economy in the world has grown at 7 per cent year after year.

India, he said, has jumped to the 77th spot on the World Bank's "ease of doing business" rankings on the back of reforms and is determined to break into the top 50 next year.