India-Korea bound by 'Buddhist traditions': Modi

Asserting that ties between India and Korea date back to centuries, Prime Minister Narendra Modi on Tuesday said that his government has created a stable business environment, which offers a lot of potential for huge investment.

Speaking at the India-Korea Business Summit in Delhi, PM Modi said both countries are bound by "Buddhist traditions", adding, "Nobel laureate Rabindranath Tagore composed poem 'Lamp of the East' in 1929 about Korea's glorious past and its bright future."

Emphasising that Korea has given exemplary products to the world, Modi admired the way Korea have created and sustained a global brand.

The Prime Minister said "India is now ready for business", and assured his support to the Korean investors.

"We have eliminated 1400 old laws and acts which were holding back growth.FDI inflows have grown the most in the last three years. A new startup ecosystem has unveiled. Our strategy is to leverage the hundreds of Indians which are coming online," he said.

"On the global front, India has climbed 42 places in the World Bank's Ease of Doing business index. We moved up to 90 places in the World Logistics index, 32 places in the global competitiveness index to World Economic Forum and 22 places in global innovation index," he added.

Union Finance Minister Arun Jaitley, Union Commerce Minister Suresh Prabhu, Minister of Electronics and IT Ravi Shankar Prasad, and the top officials of Ministry of Commerce and Industry will also be speaking at the summit.

This year, the theme of the summit is "India-Korea: Scaling up the Special Strategic Relationship through Trade and Investments".

The summit aims to create the framework for an open and action-oriented dialogue between top business leaders and the government officials from India and Korea.

OneIndia News