SEOUL: Prime Minister, Manmohan Singh today called on South Korea’s small and medium sized firms to make India their manufacting base even as he lauded conglomerates like LG, Hyundai and Samsung for showing confidence in the country after it liberalised its markets in 1991 and becoming household names.
The Prime Minister pointed out that South Korean companies were among the first to show confidence in India after it opened its economy in 1991.
“I invited Korean firms to invest in India in a big way. Companies such as LG, Hyundai and Samsung are already household names in India,” Singh said after holding talks with the South Korean President Lee Myung-bak.
“We would like to see small and medium sized Korean companies also making India a base for their manufacturing. I informed President Lee that India is making a huge effort in upgrading our physical infrastructure. We want Korean companies to help us realise this objective and benefit from the opportunities provided by this,” he added.
Singh stated that there was still immense potential for further bilateral economic cooperation.
“We have watched with great admiration the transformation of Korea into a developed economy. The people of India admire the determination, capacity for hard work and the spirit of enterprise that characterise Korean people,” Singh said at the Banquet hosted in his honour by President Lee.
Bilateral trade between the two countries had crossed USD 20 billion mark in 2011. Singh noted that bilateral trade had risen by 65 per cent over the past two years since the two countries implemented the Comprehensive Economic Partnership Agreement.
Singh and Lee today agreed to enhance the trade target set by the two sides to USD 40 billion by 2015 as against USD 30 billion by 2015 as decided earlier.
Singh arrived here yesterday for a four-day visit to attend a Nuclear Security Summit. The two-day summit begins tomorrow when world leaders will meet over dinner.