In­dia­South Ko­rea bi­lat­eral trade touched $20 bn in 2017, says PM

Hindustan Times (Gurugram) - - Nation - Agen­cies let­ters@hin­dus­tan­

NEW DELHI: Pitch­ing for for­eign in­vest­ments, Prime Min­is­ter Naren­dra Modi on Tues­day said In­dia is one of the most open global economies and is ready to do busi­ness with the world.

Speak­ing at the In­dia-Ko­rea Busi­ness Sum­mit, he said his gov­ern­ment has worked to­wards cre­at­ing a sta­ble busi­ness en­vi­ron­ment and re­moved ar­bi­trari­ness in de­ci­sion-mak­ing.

“We seek pos­i­tiv­ity in day-to­day trans­ac­tions. We are widen­ing ar­eas of trust rather than dig­ging into doubts. This rep­re­sents a com­plete change of the gov­ern­ment’s mind­set,” he said.

In­dia, he said, is al­ready the third-largest econ­omy in terms of pur­chas­ing power. “Very soon, we will be­come the world’s fifth-largest econ­omy by nom­i­nal GDP. We are also the fastest-grow­ing ma­jor econ­omy of the world to­day,” he said.

“We are also a coun­try with the one of the largest start-up eco-sys­tems,” he added.

Stat­ing that the gov­ern­ment is on a dereg­u­la­tion and deli­cens­ing drive, Modi said va­lid­ity pe­riod of in­dus­trial li­cences has been in­creased from three years to 15 years and more.

The prime min­is­ter also claimed that the bi­lat­eral trade be­tween In­dia and South Ko­rea in 2017 reached $20 bil­lion, the “first time in six years”.

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