Prime Minister Narendra Modi on Thursday arrived in South Korea’s capital Seoul on a two-day visit to strengthen strategic ties and to enhance bilateral cooperation in diverse areas, including trade and investment.
Modi unveiled a bust of Mahatma Gandhi at the Yonsei University, and said it was special because the year marks Gandhi’s 150th birth anniversary. Gandhi’s ideals have the power to help the world overcome the menace of terrorism and climate change, Modi said.
Earlier in the day, Modi told delegates at the India-South Korea Business Symposium that India has emerged as a land of opportunity. “While we work for realising the ‘Indian Dream’, we seek like-minded partners,” he added. “And among them, we see South Korea as a truly natural partner.”
The prime minister said India is transitioning from an agricultural economy to an economy led by industry and services. “[It is moving from] an economy known for its red tape to an economy known for red carpet,” he said. He added that the fundamentals of the Indian economy are sound, and it was on course to become a $5-trillion economy.
Modi told business leaders that India seeks to move into the top 50 from the current 77th position in the Ease of Doing Business ranking by next year. He said South Korea has huge opportunities to invest in the automobile sector in India.
This is Modi’s second visit to South Korea since 2015 and second summit with President Moon Jae-in.
Modi will also accept the Seoul Peace Prize he had won in October.