SEOUL, July 26 � President Pratibha Devisingh Patil has requested the Republic of Korea to utilize the investment opportunities which India presents to the world, and to be a partner in specialised projects that call for joint efforts.
The North East Asian country, in her view, has an advantage because its companies have adjusted well to the Indian environment, to the extent that India has become a major hub of manufacturing for some companies.
In the keynote address at a business luncheon in her honour held at Seoul today, the President underlined the need for investment in India�s infrastructure. �In modernizing our roads, highways, airports, seaports and railways, we will require investment from foreign entities and firms. We look forward to greater participation in this endeavour by Korean companies,� she noted.
In the area of infrastructure development India will require about one trillion USD and this would involve foreign investment in the near future. Investments could also be made in other areas as the rapid growth of the Indian economy over the past few years has expanded the market substantially.
With a sight on strengthening economic ties between the two countries, the President also urged Indian industry to make the most of the Comprehensive Economic Partnership Agreement (CEPA) that has yielded encouraging results since its coming into force in January 2010.
CEPA can help Indian companies boost exports to the Republic of Korea, where its companies need to reduce cost and increase competitiveness. IT companies are particularly well positioned to make use of the provisions of the agreement.
Referring to the technology and services, which India could provide to the Republic of Korea, she said the country had proven capabilities in the peaceful use of outer space. Moreover, recognising each other�s strengths, the countries are involved in a joint Science and Technology Fund for research in IT, biotechnology, energy efficient technology and nano-tech.
Emphasising the importance of more people-to-people contact, the first citizen of India mentioned that Indian carriers have been requesting Korea for 5th Freedom Rights to enable them to fly to points beyond Incheon. Civil aviation authorities of the two countries will start deliberations on this soon.
Commending Indian companies which have started operations in the Republic of Korea, she expressed her confidence that the blue chip companies, which include Tata, Hindalco, and Mahindra and Mahindra, will make positive contributions toward further growth of the country.
The President appreciating the Republic of Korea�s rapid economic development described it as inspiring for India. �It was the hard work of the people of the country, coupled with the successful business model that was adopted, which has created the incredible economic success that the Republic of Korea today represents�, she remarked.
The address mentioned the presence of Indian Chamber of Commerce in Korea since 2010, an initiative that would enable the companies of the two countries to learn from one another.