ID :
197293
Tue, 07/26/2011 - 13:25
Auther :
Shortlink :
https://www.oananews.org//node/197293
The shortlink copeid
India invites foreign investments in infrastructure
From Ashwini Shrivastava
Seoul, July 26 (PTI) Inviting investments from South Korea
and other countries into the infrastructure sector, Indian
President Pratibha Patil on Tuesday said nearly USD one
trillion will be spent in the coming years to improve India's
roads, ports, railways and other core sectors.
"India attaches great importance to improving its
infrastructure, for which about 1 trillion US Dollars will be
required in the coming years.
"This provides a great investment opportunity for foreign
companies, including those from Korea," Patil, who is on a
three-day visit to South Korea said.
"In expanding and modernising our roads, highways,
airports, sea ports and railways, we will require investment
from foreign entities and firms.
"We look forward to greater participation in this
endeavour by Korean companies,” she said inaugurating a
business interaction organised by Korea Chambers of Commerce.
"To us, in India, the Korean economic miracle is
inspiring. It was the hard work of the people of this country,
coupled with the successful business model that was adopted,
which has created the incredible economic success that the
Republic of Korea on Tuesday represents.
"In India too, you spotted the economic opportunities long
before others, and this first-mover advantage has enabled
Korean companies to reap great profits in our country.
"Hyundai, Samsung and LG are household names in India
today," the President said.
Patil said that both India and Korea are exploring the
possibility of upgrading the Comprehensive Economic
Partnership Agreement (CEPA), implemented since January 2010,
to boost trade between them.
A high-level discussion in this regard is to begin in
late September.
"Korean companies have adjusted extremely well to
conditions in India. You are also making India the
manufacturing hub for exports to third countries in South
Asia, the Middle East and even Eastern Europe.
"Our bilateral trade rose by 40 percent last year, and by
current projections is slated to reach 21 billion US Dollars
during the current calendar year, and would comfortably reach
the level of 30 billion US Dollars by 2014, the target we have
set for ourselves.
"President Lee and I discussed the possibility of further
upgrading our CEPA," the Indian President said adding that
"expert level discussions will commence from late-September
this year."
The Indian President asked the North-East nation to
further facilitate exchange of expertise between the two
countries in industry and service sectors.
"Our IT companies are among the best in the world, and
will be able to help Korean businesses in reducing costs and
enhancing competitiveness.
"Similarly, Indian pharmaceuticals are of high quality
coupled with low prices, and will be beneficial to Korean
consumers," Patil said.
The function was attended by members of Korean Chambers
of Commerce and a delegation of about 30-members led by Deep
Kapuria, Chairman, CII, National Committee on Automatation and
Robotics.
Seoul, July 26 (PTI) Inviting investments from South Korea
and other countries into the infrastructure sector, Indian
President Pratibha Patil on Tuesday said nearly USD one
trillion will be spent in the coming years to improve India's
roads, ports, railways and other core sectors.
"India attaches great importance to improving its
infrastructure, for which about 1 trillion US Dollars will be
required in the coming years.
"This provides a great investment opportunity for foreign
companies, including those from Korea," Patil, who is on a
three-day visit to South Korea said.
"In expanding and modernising our roads, highways,
airports, sea ports and railways, we will require investment
from foreign entities and firms.
"We look forward to greater participation in this
endeavour by Korean companies,” she said inaugurating a
business interaction organised by Korea Chambers of Commerce.
"To us, in India, the Korean economic miracle is
inspiring. It was the hard work of the people of this country,
coupled with the successful business model that was adopted,
which has created the incredible economic success that the
Republic of Korea on Tuesday represents.
"In India too, you spotted the economic opportunities long
before others, and this first-mover advantage has enabled
Korean companies to reap great profits in our country.
"Hyundai, Samsung and LG are household names in India
today," the President said.
Patil said that both India and Korea are exploring the
possibility of upgrading the Comprehensive Economic
Partnership Agreement (CEPA), implemented since January 2010,
to boost trade between them.
A high-level discussion in this regard is to begin in
late September.
"Korean companies have adjusted extremely well to
conditions in India. You are also making India the
manufacturing hub for exports to third countries in South
Asia, the Middle East and even Eastern Europe.
"Our bilateral trade rose by 40 percent last year, and by
current projections is slated to reach 21 billion US Dollars
during the current calendar year, and would comfortably reach
the level of 30 billion US Dollars by 2014, the target we have
set for ourselves.
"President Lee and I discussed the possibility of further
upgrading our CEPA," the Indian President said adding that
"expert level discussions will commence from late-September
this year."
The Indian President asked the North-East nation to
further facilitate exchange of expertise between the two
countries in industry and service sectors.
"Our IT companies are among the best in the world, and
will be able to help Korean businesses in reducing costs and
enhancing competitiveness.
"Similarly, Indian pharmaceuticals are of high quality
coupled with low prices, and will be beneficial to Korean
consumers," Patil said.
The function was attended by members of Korean Chambers
of Commerce and a delegation of about 30-members led by Deep
Kapuria, Chairman, CII, National Committee on Automatation and
Robotics.
