March 26th, 2012
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PM requests Korea to invest in India

PM-in-koreaSeoul: Prime Minister Manmohan Singh has asked South Korean businessmen to invest in environment-friendly technologies such as the solar and nuclear power sectors. “We are committed to increasing energy efficiency and the share of renewable’s, including solar and nuclear power, in our energy mix,” Singh told a group of top Korean CEOs in Seoul. “There will be large business opportunities and I am aware of Korean capabilities in environmentally friendly technologies,” the Prime Minister said at the meeting organized by Korean industry chambers.

Dr Singh requested captains of the industry to participate actively in upgrading India’s physical infrastructure. Noting that Korean industrial giants like LG and Samsung are household names in India, Dr Singh said, Hyundai has a 25 per cent market share in India’s domestic passenger car industry. He said, investment from Korea is a priority for India.

Prime Minister assured the CEOs that pro-active steps will be taken to address investor grievances and improve business climate. He told the industry captains that the revised bilateral trade target of 40 billion U.S dollars by 2015, offers challenge as well as opportunity. The interaction was organised by four major Korean Chambers of business and industry and supported by Indian Chamber of Commerce in Korea. More than 20 CEOs attended the meeting.

South Korean President Lee Myung-bak, during a bilateral meeting with Singh on Sunday, had requested that his country be allocated a site in India to build nuclear reactors. The Prime Minister backed and defended the Posco project.  “The government is keen to move forward with the Posco project and there is some progress in this regard. I believe that India is a stable and profitable long-term investment opportunity,” he said. Sensing the concerns of the Korean businessmen with regard to the much delayed USD 12 billion Posco steel project in Odisha, the Prime Minister told the CEOs that “our processes can be slow but there are effective mechanisms for resolution of problems and differences and a strong rule of law.”


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