Modi asks Korean CEOs to deepen business ties with India

The Indian PM said there was a lot of scope for improvement, especially in steel, ports, infra and housing

With several hundred Korean companies already operating in India, Prime Minister Narendra Modi on Tuesday invited South Korean companies and asked them to help India achieve economic success.

"We in India want to achieve a lot of what Korea has already done. That is why I, along with a large business delegation, are here," Modi said here, addressing the India-Korea CEOs Forum.

"The good news is that India-Korea bilateral trade has risen after signing of Korea-India CEPA (Comprehensive Economic Partnership Agreement, or free trade agreement) in January 2010," he added.

With hundreds of South Korean companies operating and the Korean investment zone in Rajasthan progressing well, Modi said there was still a lot of scope for further improvement.

"From IT and electronics to automobile and steel, Korea has given exemplary products to the world," he said.

"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," Modi added.

He said infrastructure and housing are the other fields where both countries can work together in a big way.

South Korea offered to provide $10 billion for infrastructure projects in India, including smart cities and railways, as Prime Minister Narendra Modi held talks with President Park Geun-hye here on Monday and the two countries decided to elevate their ties to a special strategic partnership.