Korean industry must have faith in India: Manmohan Singh(Update: India-Korea)

Seoul, Mar.26 (ANI): Visiting Indian Prime Minister Dr. Manmohan Singh on Monday asked captains of industry in South Korea to have faith in India and provide its solar and nuclear power sectors much needed environment-friendly technologies.

"We are committed to increasing energy efficiency and the share of renewables, including solar and nuclear power, in our energy mix," Dr. Singh told top Korean CEOs here.

"There will be large business opportunities, and I am aware of Korean capabilities in environmentally friendly technologies," the Prime Minister said at the meeting organised by the Korean industry chambers.

Among the CEOs present was Kim Joong-Kyum of the Korea Electric Power Corporation (KEPCO), which has interests in nuclear power that meets 45 per cent of Korea's electricity requirements.

Besides KEPCO, the CEOs of Samsung Electronics, Tata Daewoo, Ssangyong Motors, Hyundai Motors and Doosan Heavy Industries were present at the meeting.

Dr. Singh described India as one of the fastest growing major economies of the world.

"Despite the adverse international environment, we have managed to maintain a growth rate of seven per cent per annum in the last few years. I am confident that the strong fundamentals of our economy will help us return to a sustained growth path of about 8-10 per cent per annum in the coming years," Singh said.

Singh said his government has invested heavily in education, health and agriculture to give a new deal to rural India over the past few years.

"Our rural markets are now booming and the middle class is growing rapidly," he said.

Singh said India has been expanding in higher education and skill development, infrastructure of ports, airports, railways, energy and roads.

"India is poised to continue to be a frontline player in the global knowledge economy," he added.

Singh also revealed ambitious plans for infrastructure development, adding that New Delhi was planning to secure an investment of almost one trillion dollars in the next five years in new projects in highways, power plants, mass transport systems, ports and airports.

"This will be achieved through both public and private investment and Public-Private Partnerships," he said.

He noted that after the implementation of the Comprehensive Economic Partnership Agreement (CEPA) in 2010 with South Korea, bilateral trade has surged by roughly 65 per cent in two years and reached a turnover of 20.6 billion dollars in 2011.

"However, it is still below its huge untapped potential," Dr. Singh said, adding the he and President Lee Myung bak had decided to revise the bilateral trade target to 40 billion dollars by 2015.

"This is a challenge as well as an opportunity that we must both seize together. I look forward to hearing your views," Singh said. (ANI)