India invites foreign investments in infrastructure

Seoul, July 26: Inviting investments from South Korea and other countries into the infrastructure sector, President Pratibha Patil today (Jul 26) said nearly USD one trillion will be spent in the coming years to improve India's roads, ports, railways and other core sectors.

"India attaches great importance to improving its infrastructure, for which about 1 trillion US Dollars will be required in the coming years.

"This provides a great investment opportunity for foreign companies, including those from Korea," Patil, who is on a three-day visit to South Korea said.

"In expanding and modernising our roads, highways, airports, sea ports and railways, we will require investment from foreign entities and firms.

"We look forward to greater participation in this endeavour by Korean companies," she said inaugurating a business interaction organised by Korea Chambers of Commerce.

"To us, in India, the Korean economic miracle is inspiring. It was the hard work of the people of this country, coupled with the successful business model that was adopted, which has created the incredible economic success that the Republic of Korea today represents.

"In India too, you spotted the economic opportunities long before others, and this first-mover advantage has enabled Korean companies to reap great profits in our country.

"Hyundai, Samsung and LG are household names in India today," the President said.

PTI