The primary objective of the summit was to strengthen India's economic relationship with the Republic of Korea through boosting trade and investments.
The second edition of India-Korea Business 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, was held in New Delhi. The primary objective of the summit was to strengthen India’s economic relationship with the Republic of Korea through boosting trade and investments.
The summit witnessed the inaugural address by Prime Minister Narendra Modi who outlined his vision for greater economic engagement with the East. He shared his vision to invite Korean investments in India in the sectors of railways, water, transport, energy, electronics, IT and infrastructure.
Addressing the major Korean conglomerates such as Samsung, Hyundai, and LG, Modi asked Korean firms to further expand the $2.55 billion worth of investments they have in the country, mostly in the automobile and engineering sectors. ““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 ecosystems” Modi added.
The session was also addressed by Union Commerce and Industry Minister Suresh Prabhu who stressed on the importance of ‘democracy, demography and demand’ that prevails in the Indian subcontinent. Prabhu highlighted the recent reforms undertaken by the Indian government and its subsequent achievement in the global rankings.
The address was followed by a roundtable chaired by Prime Minister Narendra Modi and attended by delegates from both governments and 25 CEOs from leading Korean companies with an estimated revenue of $575 billion. It highlighted the strategic partnership between the two countries and gave the Korean companies an opportunity to discuss their investment plans and resolve any pending issues being faced in their India operations.
The summit was attended by 425 South Korean delegates from 90 Korean companies, senior government officials and political leaders.