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PM Modi at India-Korea Business Summit: Working on transforming India from informal to formal economy

The theme of the Summit this year is “India-Korea: Scaling up the Special Strategic Relationship through Trade and Investments”.

Reported by: India TV Business Desk, New Delhi [ Updated: February 27, 2018 11:25 IST ]
PM Modi addresses India-Korea Business Summit in Delhi
Image Source : YOUTUBE PM Modi addresses India-Korea Business Summit in Delhi

Prime Minister Narendra Modi is addressing the 2nd India-Korea Business Summit 2018 in New Delhi today. 

Finance Minister Arun Jaitley, Commerce Minister Suresh Prabhu, Minister of Electronics and IT Ravi Shankar Prasad, top officials of Ministry of Commerce and Industry (MoCI) will also address the summit. 

The theme of the Summit this year is “India-Korea: Scaling up the Special Strategic Relationship through Trade and Investments”. 

The Summit is being organised by MoCI in partnership with the Confederation of Indian Industry (CII) and Chosun Ilbo, the largest media business group in Korea. 

Here are the Highlights of PM Modi's speech at the summit: 

Watch PM Modi's speech at 2nd India-Korea Business Summit: 

10:48 am: A need for a hand-holding agency was felt during my visit to Korea. Thus,'Korea Plus' was formed in June 2016. Korea Plus has facilitated more than 100 Korean Investors in just 2 years. This shows our commitment towards welcoming Korean people, companies, ideas & investments: PM

10:44 am: We are working with the mission of Transforming India from- An old civilisation into a modern society, an informal economy/ into a formal economy: PM 

10:44 am: We are already the third-largest economy by purchasing power. Very soon, we will become the world's fifth-largest economy by nominal GDP. We are also the fastest growing major economy of the world today. We are also a country with the one of the largest Start up eco-systems: PM

10:44 am: 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 Govt’s mindset: PM Modi at India-Korea Business Summit

10:43 am: We are working with the mission of Transforming India from: 

An old civilisation into a modern society ,
An informal economy/ into a formal economy: PM

10:42 am: If you see around the globe, there are very few countries where you have three important factors of economy together. They are - Democracy, Demography and Demand. In India, we have all the three together: PM

10:38 am: We are on a de-regulation and de-licensing drive. Validity period of industrial licenses has been increased from three years to fifteen years and more: PM 

10:37 am: India offers a lot of potential to the Korean market for a fruitful environment: PM 

10:36 am: 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; rather than digging into doubts. This represents a complete change of the Govt’s mindset: PM

10:35 am: If you see around the globe, there are very few countries where you have three important factors of economy together. They are: Democracy, Demography and Demand. In India, we have all the three together: PM 

10:34 am: I visited Korea when I was CM of Gujarat. I used to wonder how can make such progress!  I admired the way they have created & sustained a global brand. Korea has given exemplary products to the world: PM Modi at India-Korea Business Summit

10:33 am: I admire the spirit of entrepreneurship of the Korean people. I admire the way in which they have created and sustained their global brands. From IT and Electronics to Automobile and Steel, Korea has given exemplary products to the world: PM

10:32 am: It is heartening to note that our bilateral trade has crossed 20 million dollars: PM 

10:31 am: India and South Korea, both the nations celebrate their Independence Day on August 15. Not just this, there are a number of things that are common: PM 

10:30 am: From Princess to Poetry and from Buddha to Bollywood; India & Korea have so much in common

10:30 am: PM Modi addressing India-Korea Business Summit

Over 200 business delegates including top executives of some leading Korean business conglomerates and Government officials from Korea are expected to participate in the Summit.

The Summit aims to create the framework for an open and action-oriented dialogue between top business leaders and Government officials from both countries, CII said in a statement.

Minister of Commerce and Industry Suresh Prabhu on Monday said that the summit is an example of our growing trade and economic relations between India and Korea. 

Korean electronics manufacturers have become household names in India and touch millions of lives each day. The Indo-Korea Business Summit aims at further boosting trade and investment flow between the two countries, said Invest India - Government of India body.

India-Korea business ties

The agenda of the Summit would focus on specific sectors where new and immediate opportunities exist for Korean and Indian companies such as infrastructure, ICT, power, smart cities, manufacturing and other strategic areas of collaborations.  

India and Korea are the third and fourth largest economies respectively, in Asia. 

The Comprehensive Economic Partnership Agreement (CEPA) signed between the two countries provides an excellent platform for expanding the bilateral trade, which is currently below its potential, and also provides a platform for the flow of investment both ways.

The two way trade between India and South Korea currently stands at USD 16.8 billion and holds tremendous promise for further growth.

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