Modinomics, South Korea can combine: President Park

South Korean President Park Geun-hye on Tuesday said that "Modinomics and Korea's 3.0 economic plan can combine to become central drivers for lifting the global economy".

Addressing the India-ROK CEO Forum, Park also proposed strengthened cooperation between India and Korea in manufacturing, creative economy and new energy industries, according to tweets posted by external affairs ministry spokesperson Vikas Swarup.

Modi, addressing the forum, said both India and South Korea have much in common and that Bollywood films are popular in Korea.

"I have always been fascinated by Korea and came here when I was the chief minister of Gujarat," the prime minister said.

He also praised South Korea's shipbuilding.

"Your shipbuilding capability and our port-led development, your expertise in infrastructure and housing and India's needs can create a win-win partnership," according to a tweet posted by the external affairs ministry spokesperson.

"Korea ranks only 14th in FDI flows into India. So potential for bilateral cooperation is vast," Modi said.

He said since his government took over a year ago "we are working day and night to create conditions for faster and inclusive growth".

"India was, and is a land of potential," he asserted at the event.