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India-Korea business summit: PM Modi rolls out red carpet for Korean FDI

India may have a tough time adding to the list of 600 Korean companies that already have operations here owing to investors' reservations about capital availability and complications regarding GST

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Prime Minister Narendra Modi in Hyundai’s fuel cell e-SUV NEXO along with Hyundai Motor Company Vice-chairman Euisun Chung. Photo: Official twitter account of the Embassy of India in Seoul

Last Updated : Feb 27 2018 | 11:10 PM IST

Even as Prime Minister Narendra Modi rolled out the red carpet for Korean investors, the government has made it clear that the existing trade deal between the two countries hasn’t helped India as much as it should have.

On Tuesday, Modi addressed a mega delegation of more than 150 Korean companies, in town to attend the India-Korea Business Summit organised by the Confederation of Indian Industry. Addressing the major ‘chaebols’ or large family-owned mega-conglomerates from Korea 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