Narendra Modi: We Are Working Aggressively To Make India Easy Place For Business

19/05/2015 12:30 PM IST | Updated 15/07/2016 8:25 AM IST
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Indian Prime Minister Narendra Modi (L) talks with Seoul Mayor Park Won-Soon (R) as he visits the Cheonggye stream in central Seoul on May 19, 2015. Modi called on South Korea to be a 'leading partner' in his country's economic modernisation as he talked up investment opportunities at the start of a two-day visit. AFP PHOTO / JUNG YEON-JE (Photo credit should read JUNG YEON-JE/AFP/Getty Images)

SEOUL — Wooing Korean investors, Prime Minister Narendra Modi today promised to give "personal attention" to making conditions "more conducive" for them to do business in India and and said his government was working aggressively to make India a very easy place to do business.

Promising CEOs in Seoul a more stable, predictable and transparent taxation system, he outlined the steps taken by his government, which include fast tracking of approvals in industry and infrastructure, and liberalisation of FDI.

"I invite you to India to see the change. We are also prepared to work with you in making conditions more conducive for you," he said addressing the first meeting of the newly set up India-South Korea CEOs Forum.

Describing India as a "land of potentials", he said, "India is also a land of enabling policy environment.

Moreover, there is renewed commitment of my Government for changing the face of the country...there is a lot we do together".

The Prime Minister told 21 CEOs and other business leaders attending the meet that infrastructure including housing was an area where the two countries could work together in a big way.

He said there was tremendous potential for cooperation in areas like water, transportation, railways, sea ports, shipbuilding, electricity including renewable, IT infrastructure and services, electronics, construction industry, all of which are "very promising" sectors in India.

India, he said, particularly wanted to promote manufacturing in a big way to create jobs for youths.

Foreign Direct Investment (FDI), he said, was important and will not come to India "without a globally competitive business environment."

"So, we are working aggressively for making India a very easy place to do business," he said.

Seeking collaboration with Korean businesses in sectors like IT and electronics, steel making, railways, ship building and housing, Modi said, "A dedicated mechanism for hand holding of Korean investors" is being formed.

"It will be known as Korea Plus. In addition I assure you of my personal attention if there are any issues," he said.

The BJP-led government in the last 11 months has taken a series of measures to improve the business environment and enhance investor confidence.

"We do believe that 'ease of doing business' has become an important factor in attracting investments in the country," the Prime Minister said, adding the government stood committed to make "taxation system more stable, predictable and transparent."

"We have already resolved many taxation issues affecting the foreign investors. This is all to become more conducive for business and bring in technology and capital," he said.

Citing his pet 'Make in India' campaign, he said it involved bringing industrial infrastructure, policies and practises to best global standards and to convert India into a global manufacturing hub.

Modi also had one-to-one meetings with heads of Hyundai, Samsung Electronics, POSCO and LG. All these companies want to expand their footprints in India.

Officials said Hyundai was keen to open two more plants in addition to the existing two in India.

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