PM Modi pitches for 'Make in India' in South Korea

Pitching for his flagship 'Make in India' initiative, Prime Minister Narendra Modi on Monday said he and South Korean President Park Guen-Hye saw vast opportunities for the Korean companies to participate in this mission.

"Many Korean brands are household names in India. President Park and I see vast opportunities for Korean companies to participate in our 'Make in India' Mission. I will meet Korea's business leaders tomorrow. Korean companies have the edge to succeed in India," Prime Minister Modi said at a press briefing here.

The Prime Minister also announced the establishment of a channel -Korea Plus to facilitate the Korean companies' investment and operations in India.

"I sought President Park's support for participation of Korean companies in new areas. Besides defence equipment, I invited Korean investments in areas like ship building, including LNG tankers," he said.

"Our decision to establish a Joint Working Group on shipbuilding reflects our seriousness to cooperate in this area. Korean companies will be participating in India's plans to acquire and manufacture LNG tankers. Tomorrow, I will visit a shipyard in Ulsan," Prime Minister Modi added.

He further pointed out that he and President Park shared the view that India and Korea's modest trade is well below its potential.

"We agreed to review the Comprehensive Economic Partnership Agreement and other market access related issues. I conveyed our desire to see a balanced and broad-based growth in bilateral trade. We also had productive discussions on international issues," he said.

The Prime Minister also welcomed Korea's diplomatic efforts to maintain peace and stability of the Korean Peninsula and offered India's support to the Korean people for peaceful re-unification of Korean Peninsula.

"I also shared her concerns that proliferation of nuclear and other weapons of mass destruction will not be in the interest of countries of the region. I offered India's support to Korean people for peaceful re-unification of Korean Peninsula," Prime Minister Modi said.

"The visit to Korea has just begun, but it is already very productive. We have laid the foundation for a relationship that two major Asian countries with shared values should have," he added.