India should win back the confidence of foreign investors by ending red tape and adopting better procedures and laws, South Korean Ambassador Joon-gyu Lee said today while expressing his country's eagerness to collaborate in initiatives like 'Make in India' and 'Clean India'
He also said Korean steel major Posco's USD 12 billion investment in Odisha, announced in 2006-07, has "slowed down", but added that steel major is working on other projects in other parts of the country.
"Their (Posco) biggest project in Odisha has been slowed down but Posco is doing business in many other parts, particularly in Maharashtra," he said
Stating that his government and companies are eager to collaborate with India, Lee said there is improved confidence after Prime Minister Narendra Modi coming to power.
However, there is an urgent need for the Modi government to win the confidence of foreign investors.
"Your government should win back the confidence of foreign investors. That is very important," Lee said, adding this should include "better procedures, laws and regulations and (end of) red tape," he told PTI.
"Your government as well as judicial system should be very fair and transparent in judging the problem. In doing so, you should have some kind of national philosophy or goal in which way you are going," he said.
Lee said that South Korea is eager to collaborate in flagship initiatives like the 'Clean India' and the 'Make in India' campaigns, with specific offerings in sectors such as electronics, ship building and construction.
He said that South Korean companies would be keen to partner with their Indian counterparts to help create the right facilities for pushing growth.
Lee said that South Korea would be interested in financing such infra projects, even though its appetite is small compared to that of neighbouring Japan.
When asked about New Delhi warming up to Tokyo, Lee said that Seoul does not have any problem with New Delhi's engagements with Tokyo or Beijing.
"India's improving relationships with Japan and China are very natural ones. Peace will help the world. It will also help our businesses. We don't see any problem in India's endeavour to improve relationships with China and Japan," Lee said.
