By Lee Hyo-sik
Indian Prime Minister Narendra Modi, who will visit Korea early next week to hold a summit with President Park Geun-hye, is expected to make a sales pitch encouraging Korean companies to expand investment in his home country, according to multiple business circles here, Wednesday.
Besides discussing a wide range of bilateral issues with President Park, Modi will take part in business forums and hold a series of one-on-one meetings with the heads of the country's conglomerates.
The prime minister, who came into power in May 2014, has been promoting the "Make in India" campaign to reinvigorate India's manufacturing industries. To do so, Modi has been asking Korean and other foreign businesses to build plants in Asia's third-largest economy.
The Indian government reportedly wants domestic shipbuilders to manufacture LNG carriers and other commercial vessels in the country, and construction firms to participate in infrastructure development projects.
Modi will pay a two-day visit to Korea on May 18-19 to meet with President Park to find ways to boost bilateral cooperation in security, trade and other areas.
On May 19, the Prime Minister plans to attend the Korea-India CEO forum at the Lotte Hotel in downtown Seoul, according to the Korea Chamber of Commerce and Industry, which will host the event. The gathering is expected to draw more than 300 businesspeople from both countries.
Modi is also scheduled to meet with POSCO Chairman Kwon Oh-joon, Hyundai Motor Group Chairman Chung Mong-koo and the heads of other large business groups.
When meeting with Kwon on May 18, the Indian Prime Minister is widely expected to ask the world's fourth-largest steelmaker to continue to expand investment in India.
In January, POSCO opened its third plant in western India, capable of producing 1.8 million tons of automotive steel plates annually for General Motors and other global automakers operating factories nearby.
In return, Kwon will ask Modi to help the steelmaker push ahead with the Orissa scheme, according to POSCO officials.
The $12 billion project to build a 4-million-ton capacity steel plant in eastern India continues to remain in the doldrums as the Indian government has been reluctant to grant POSCO rights to develop iron ore mines there.
The Indian Prime Minister also plans to meet Hyundai Motor Chairman Chung on May 19, asking Korea's largest automaker to build more plants in India.
The company, which produces 600,000 vehicles annually in the country, has reportedly been considering setting up a third plant. Hyundai is India's second-largest carmaker selling 410,000 vehicles in 2014.
India with the population of 1.2 billion people has emerged as a promising emerging market for Korean companies over the past few years. The country is projected to expand at 7.5 percent in 2015 from last year, faster than China's estimated 6.8 percent.
Made-in-Korea goods, such as cars and electronic gadgets, have been popular among increasingly wealthy Indian consumers.
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| Narendra Modi |
Besides discussing a wide range of bilateral issues with President Park, Modi will take part in business forums and hold a series of one-on-one meetings with the heads of the country's conglomerates.
The prime minister, who came into power in May 2014, has been promoting the "Make in India" campaign to reinvigorate India's manufacturing industries. To do so, Modi has been asking Korean and other foreign businesses to build plants in Asia's third-largest economy.
The Indian government reportedly wants domestic shipbuilders to manufacture LNG carriers and other commercial vessels in the country, and construction firms to participate in infrastructure development projects.
Modi will pay a two-day visit to Korea on May 18-19 to meet with President Park to find ways to boost bilateral cooperation in security, trade and other areas.
On May 19, the Prime Minister plans to attend the Korea-India CEO forum at the Lotte Hotel in downtown Seoul, according to the Korea Chamber of Commerce and Industry, which will host the event. The gathering is expected to draw more than 300 businesspeople from both countries.
Modi is also scheduled to meet with POSCO Chairman Kwon Oh-joon, Hyundai Motor Group Chairman Chung Mong-koo and the heads of other large business groups.
When meeting with Kwon on May 18, the Indian Prime Minister is widely expected to ask the world's fourth-largest steelmaker to continue to expand investment in India.
In January, POSCO opened its third plant in western India, capable of producing 1.8 million tons of automotive steel plates annually for General Motors and other global automakers operating factories nearby.
In return, Kwon will ask Modi to help the steelmaker push ahead with the Orissa scheme, according to POSCO officials.
The $12 billion project to build a 4-million-ton capacity steel plant in eastern India continues to remain in the doldrums as the Indian government has been reluctant to grant POSCO rights to develop iron ore mines there.
The Indian Prime Minister also plans to meet Hyundai Motor Chairman Chung on May 19, asking Korea's largest automaker to build more plants in India.
The company, which produces 600,000 vehicles annually in the country, has reportedly been considering setting up a third plant. Hyundai is India's second-largest carmaker selling 410,000 vehicles in 2014.
India with the population of 1.2 billion people has emerged as a promising emerging market for Korean companies over the past few years. The country is projected to expand at 7.5 percent in 2015 from last year, faster than China's estimated 6.8 percent.
Made-in-Korea goods, such as cars and electronic gadgets, have been popular among increasingly wealthy Indian consumers.
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