Prime Minister Manmohan Singh today asked South Korea to help entrepreneurs expand India developing solar and nuclear power sectors to invest in environmentally friendly technology.
“We are committed to increasing energy efficiency and the share of renewable energy, including solar and nuclear power, in our energy mix,” Singh told a group of top Korea CEO here.
Among the CEOs in attendance were Kim Jung-Kyum from Korea Electric Power Corporation (KEPCO) who have an interest in nuclear power that meet 45 percent of Korea’s electricity requirements.
“There will be great business opportunities and I realized the ability of Korea in eco-friendly technologies,” the Prime Minister said at a meeting organized by the Korea industry chambers.
The President of South Korea Lee Myung-bak, during bilateral meetings with Singh yesterday, has asked that his country is allocated a site in India to build nuclear reactors.
Apparently sensing Korea employers concerns relating to many pending USD 12 billion steel Posco project in Odisha, the Prime Minister told the CEO that “our process could be slow but there are effective mechanisms for solving problems and differences and strong rule of law.”
“The Government wants to move forward with the project and there is some progress Posco in this regard. I believe that India is a s and profi long term investment opportunities, “he said.
In addition to KEPCO, CEO of Samsung Electronics, Tata Daewoo, Ssangyong motor, Hyundai Motors and Doosan Heavy Industries were present at the meeting.
“The investment from Korea is a priority for India. We will take pro-active steps to address complaints of investors and improving the business climate in the country, “said Singh.
He said the country had been actively encouraging foreign investment and the Government will support this effort.
“I encourage Korea to have faith in India,” said Singh.
He said India was also one of the fastest-growing major economies of the world.
“Despite the adverse international environment, we have managed to maintain a growth rate of 7 percent per year in recent years. I am sure that the fundamentals of our economy are strong will help us return to a sustainable growth path of around 8-10 percent annually in the coming years, “he said.
Singh said for several years the Government has invested in education, health and agriculture to provide a new deal to rural India.
“The rural Market is booming and we are now rapidly growing middle class,” he said.
Singh said India has done a great expansion in higher education and skills development, infrastructure, ports, airports, railways, energy and roads.
“India is poised to continue being front line players in the global knowledge economy,” he said.
Unveiling ambitious plans for the development of physical infrastructure, Singh said India was planning to secure investment of almost EUR one trillion in the next five years in new projects on highways, power plants, mass transit systems, ports and airports.
“This will be achieved through public and private investment and public-private partnership,” he said.
He noted that after the implementation of the comprehensive economic partnership agreement (CEPA) in 2010, bilateral trade has soared by about 65 percent in two years and achieved a turnover of USD 20.6 billion in 2011.
“However, it’s still under the untapped potential of bigger,” Singh said, adding that he and President Lee decided to revise the target for bilateral trade to USD 40 billion in 2015.
“This is a challenge and an opportunity that we should seize the good together. I look forward to hearing your views, “said Singh.
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