Second India-Korea Business Summit was held on February 27, 2018 in New Delhi with the aim to strengthen the economic relationship, boost trade relations and increase investments between India and Republic of Korea. Prime Minister of India, Narendra Modi chaired a roundtable of delegates from both Governments and 25 CEOs from leading Korean companies with estimated revenue of USD 575 billion. Modi in the inaugural address outlined his vision for greater economic engagement with the East and outlined the need to further boost partnership between two countries through investment and collaboration and said, “We have worked towards creating a stable business environment, removing arbitrariness in decision making. We seek positivity in day to day transactions. We are widening areas of trust. This represents a complete change of the Government’s mind-set”. He invited Korean investments in India in railways, water, transport, energy, electronics, IT and infrastructure, assuring that India offers a lot of potential for the Korean Investors with its huge market and enabling policy environment.
Modi said that India is a combination of all three important factors for any thriving economy: democracy, demography and demand and added that India is on a de-regulation and de-licensing drive. He added that the validity period of industrial licenses has been increased from 3 years to 15 years; Industrial licensing regime for defence production has been liberalized greatly; Nearly 65% to 70% of the items previously under licensing can now be produced without a license; and stated, “Our vision is to create a globally competitive industry and services base equipped with skill, speed and scale. New India is emerging which will be modern and competitive and yet caring and compassionate”:
Modi appreciated the strides taken by Korea in transforming into a global brand and admired the spirit of enterprise of the Korean people and the way Korea has created and sustained the global brand. From IT and Electronics to Automobile and Steel, Korea has given exemplary products to the world. Korean companies are appreciated for their innovation, and strong manufacturing capability
He said that a need for a hand-holding agency was felt during his visit to Korea. Thus, ’Korea Plus’ was formed in June 2016, which has facilitated more than 100 Korean Investors in just 2 years. This shows India’s commitment towards welcoming Korean people, companies, ideas and investments.
Finance Minister Arun Jaitley speaking at the same summit later in the day, said that Indian economy had the potential to achieve a growth rate of more than 7-8%.
This Summit organized by the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce & Industry, in partnership with ChosunILbo, KOTRA, Confederation of Indian Industry (CII) and Invest India, addressed various issues across industries and was attended by over a thousand delegates, including 425 South Korean delegates from 90 Korean companies, senior government officials and political leaders. Several B2B meetings were arranged on the side-lines of the summit.
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