New Delhi, Apr 28: After concluding successful foreign tours to the West, Prime Minister Narendra Modi will now be heading towards East, next month.
During his visit to South Korea, as part of his three-nation tour, PM Modi will be hoping to fetch investments worth $10 billion. The three nations PM Modi is going to visit in May are China-Mongolia-South Korea.
As per a report published in ET, both India and South Korea are negotiating terms for the package which will be funded by South Korea's Export Import Bank and the country's export council to boost India's infrastructure spending, officials told.
Korea could provide assistance on a long-term basis at reasonable interests to help India.
Modi's maiden visit to South Korea as Prime Minister is scheduled for May 18-19. It will be followed by his trip to China and Mongolia.
Officials were quoted by ET as saying that the package will be earmarked for infra projects, with emphasis on the three projects initiated by the PM. The fund will also contribute to 'Make in India' initiative that the government is striving hard to focus on, they said.
Earlier in 2007, a delegation of industrialists, led by the then Chief Minister Narendra Modi, went on a five-day tour to South Korea to market Gujarat.
The tour to South Korea was aimed at wooing several leading industrial and business houses there to invest in the state.
The delegation comprised 31 industrialists apart from top officials like Chief Secretary Sudhir Mankad, Principal Secretary to the Chief Minister K Kailashnathan, Principal Secretary (Industries and Mines) D Rajagopalan and GSFC Managing Director P K Taneja.
Modi had then invited Korean expertise and investment to tap the the potential of investing in shipping industry given Gujarat's 1,600 km-long coastline.