Modi asks South Korean CEOs to join ‘Make in India’ initiative

 The Dollar Business Bureau Seeking to enhance business collaborations, Prime Minister Narendra Modi asked South Korean companies to join hands with Indian firms and take part in his ‘Make in India’ campaign. Addressing a forum of CEOs in Seoul on Tuesday, Modi said that although many Korean companies are already operating in India, the country ranks only 14th among the largest investors in India. “There is still a lot of scope for improvement. South Korea ranks only 14th in FDI flows in India. I can admit that the reason for this low volume of FDI lies with us not with you. But I can tell you that India was and is a land of potentials,” the prime minister said. Modi said that there are a lot of scope for cooperation between South Korea’s hardware industry and India’s software houses. Also, South Korea's expertise in car manufacturing will benefit from India’s design capabilities. “From IT and electronics to automobile and steel, Korea has given exemplary products to the world. Similarly, Korean companies are very strong in construction sector and were involved in building iconic structures around the world. You also have an impressive infrastructure and record for R&D as well as innovation. We in India want to achieve a lot of what Korea has already done,” Modi said. Lauding South Korea’s steel and ship-building industries, the prime minister said that Indian companies have much to learn from their South Korean peers. “Your steel-making capacity and our resources of iron ore can be put together. Your ship-building capacity and our agenda of port led development can become driver of our growth,” he said. Infrastructure including housing is another field where the two countries can work together. “Water, transportation, railways, sea ports, ship-building, electricity including renewable, IT infrastructure and services, electronics, construction industry, are all very promising sectors in my country,” Modi told the business leaders. India has planned to build 50 million houses by 2022. Besides, the country will have smart cities, long industrial corridors, and mega investment regions. Modi said that to attract foreign investments, his government has eased FDI policy in construction. To promote manufacturing and the ‘make in India’ initiative, Modi said that his government has taken several measures to improve business environment and enhance the investors’ confidence. “I invite you to India to see the change. We are also prepared to work with you in making the conditions more conducive for you,” he added. On Monday, Modi announced the formation of Korea Plus, a dedicated mechanism for hand holding of Korean investors. Addressing CEOs and political leaders at the Asian Leadership Forum in Seoul, Modi called for greater cooperation between countries of the entire Asian region. “India seeks an Asia of shared prosperity, where the success of one nation becomes the strength of the other. Growth must be more inclusive within and across nations,” the prime minister said. On the cooperation in the field of renewable energy, Modi said that Asia must use its capacity for innovation and frugal manufacturing for affordable renewable energy. India has set a goal of 175 Giga watts of new renewable energy capacity over the next five years. “But, coal and oil will remain the key source of energy for all of us for a long time to come. So, let us work together to make them cleaner and less harmful for nature,” he added.    

May 19, 2015 | 6:07 pm IST.