Suresh Prabhu pitches India as attractive investment destination; South Korea indicates preference over China

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Published: September 22, 2017 3:48:49 PM

Pushing aggressively to invite investments in India, Commerce Minister Suresh Prabhu is in South Korea for the Asia-Europe Meeting (ASEM).

suresh prabhu, suresh prabhu investment plan, suresh prabhu on south korea, india relation with south korea, south korea india relation talksCommerce Minister Suresh Prabhu. (File Photo: IE)

Pushing aggressively to invite investments in India, Commerce Minister Suresh Prabhu is in South Korea for the Asia-Europe Meeting (ASEM). An intergovernmental process, ASEM, was established in 1996 to “foster dialogue and cooperation between Asia and Europe”. At ASEM, Prabhu said, “India is aggressively pursuing the implementation of paperless trading and single window facilitation.” “Tapping full potential of services sector, which contributes significantly to world GDP, global trade…the challenge ahead for all of us is how to ensure that free, fair trade embodied in WTO principles, prevails,” Prabhu emphasised.

On the sidelines of ASEM, Prabhu met South Korea’s Leader of Democratic Party, Choo Mi-ae to “strengthen the cooperation” between the two countries. According to the Ministry of Commerce, Prabhu sought her support “for an early harvest from bilateral trade negotiations”. “Under the leadership of Hon.PM @narendramodi ji,we are pursuing Act East Policy, hence South Korea assumes great significance,” Prabhu tweeted. “Key would be to leverage ROK’s technological prowess to support industrial growth in India,” he said, adding that “We would further strengthen the Korea Plus cell created to facilitate Korean investments in India.” Choo Mi-ae on her part reassured that “India’s cooperation with S Korea will go beyond Economics to culture, tourism, defence amongst other areas,” tweeted Prabhu.

Sources in Ministry of Commerce told FE Online that Choo Mi-ae also indicated “preference” to India over China. Choo Mi-ae while expressing her support said, “Many people in Korea believe that elephants are better than dragons”, sources told FE Online.

Prabhu also met Benjamin Griveaux (Minister of State, Economy and Finance, France), Dilek Ayhan (Norwegian State Secretary of the Ministry of Trade, Industry and Fisheries), Moreiras (DG, Ministry of Economy, Spain), Susanne Hyldelund (State Secretary for Trade at Ministry of Foreign Affairs, Denmark), among other people. The ASEM economic ministers meeting is happening after 12 years, says the Ministry of Commerce. “India is committed to multilateral framework for promoting free and fair trade,” the Ministry says.

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