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SEOUL: Indian Prime Minister Narendra Modi arrived in Seoul on Monday for a two-day visit heavily focused on economic ties with Asia's fourth-largest economy and beefing up investment from South Korean firms.
On his first visit to Seoul since taking office a year ago, Modi was to meet President Park Geun-Hye to discuss issues ranging from diplomacy and the economy to the security situation on the Korean peninsula.
The trip — part of a six-day East Asia tour — is packed with a whirlwind of meetings with business tycoons from South Korea's largest conglomerates, including Hyundai, Samsung and LG.
All three manufacturing giants operate plants in India where they enjoy sizeable shares of the vast consumer market for cars, smartphones and home appliances.
Modi is looking to secure promises of bigger investments as part of his “Make In India” initiative, aimed at fostering the nation's relatively weak manufacturing sector.
“South Korea has made far less investment in India than other Asian rivals like China or Japan despite the country's vast growth potential,” Oh Hwa-Suk, head of the Seoul-based India Economy Research Institute, told AFP.
India also needs help upgrading its outdated transport infrastructure — a constant source of frustration among foreign firms operating there.
Indian media reports suggested Modi was hoping to secure up to $10 billion in South Korean soft loans to fund infrastructure projects.
On Tuesday, Modi is scheduled to visit the main shipyard of the world's largest shipbuilder, Hyundai Heavy Industries, in the southern city of Ulsan and to meet with its chairman Choi Kil-Seon.
Hyundai Motor Company, South Korea's largest carmaker, operates two plants in the southern Indian city of Chennai, and expanding that investment is expected to be high on the agenda during a meeting between Modi and Hyundai Motor chairman Chung Mong-Koo in Seoul, also on Tuesday.
A planned meeting with JK Shin — the head of Samsung's mobile unit — in Seoul is also expected to help accelerate the South Korean firm's reported plans to build a third plant in India, one of the world's fastest-growing handset markets.
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Comments (73) Closed
May 18, 2015 12:28pm
India is second largest economy in Asia after China.
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May 18, 2015 12:35pm
@Up Walachia, Read the world reports before commenting. Japan is the largest economy of Asia after China and not India.
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May 18, 2015 12:43pm
Our pm Modi’s China visit has been the
highlight of this three-nation tour, but it should also be noted that this
visit to South Korea is no less
important considering the fact that
South Korea is the world's fifth
largest exporter and seventh largest
importer, 13th biggest economy both
in terms of GDP (Nominal) and GDP (PPP), while it also ranks 10th in terms of
annual defence expenditure.
Additionally, South Korea is one of
the major economies of East Asia,
which is of tremendous significance
for our India’s Act East Policy. It may be
noted that as part of its Act East
Policy, India is striving to look
beyond Southeast Asian region, and
engage the countries of wider East
Asian region in a more
comprehensive fashion. Modi’s visit
is an integral part of that effort.
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May 18, 2015 12:49pm
@Up wala Check you figure. Where is Japan located in Antarctica ? It's world 3rd largest economy after China and U.S. Don,t be Over smart figures are in front of us.
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May 18, 2015 12:53pm
India already has become world's No.1 fastest growing economy
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May 18, 2015 12:53pm
good going Modi Ji!!But after these so many deals we want you back in India to work on these deals to meats its results.Otherwise all will be in a vain!!
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May 18, 2015 01:02pm
south korea is 4th
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May 18, 2015 01:04pm
Modi means Business! Make in India, Grow with India!
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May 18, 2015 01:04pm
Excellent!!! NS also should hunt for investments...
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May 18, 2015 01:04pm
India is the third after Japan.
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May 18, 2015 01:08pm
Well done dear pm modi. You have high ambition of economic growth and you are working very hard for it. Best of luck.
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May 18, 2015 01:08pm
Tiny south Korea with a population of just 50 million (5 crore) has a GDP of 1.305 trillion USD. A per capita GDP of 25,905, one of the highest in the world.
India per capita GDP is 1450 dollars, one of the lowest in the world. A population of 1.24 billion people and a total GDP of 1.87-2.00 trillion dollars is very low by world standards.
China has a GDP of almost 10 trillion USD, with a per capita GDP of 6500 dollars.
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May 18, 2015 01:11pm
South Koreans firms Hyundai, Daewoo, Daelim and Lotte have already established their setup in Pakistan and seeking for investment opportunities specially in hydropower sector. South Korea is developed Asian country from which India & Pakistan has lot to learn.
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May 18, 2015 01:19pm
@Qamar dont worry soon u will read India is second and in 2030 number 1
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May 18, 2015 01:19pm
India is behaving very maturally, giving respect to each small countries such as SriLanka, Maldives, Mongolia and making partners at the same level with South Korea, Japan, China, USA, Canada, Russia, Australia, Singap0re, Brazil, Germany, France and so on.
well done India. India has never invaded any country in past 3000 + years. Only superpower which invest in health care, education and infrastructure to develop other countries.
India - In role model to entire world.
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May 18, 2015 01:31pm
@kaushal All fudged Modi figures. Suddenly the GDP growth rate rocketed to 7.8% overnight after hovering at 4.7%. All indices were low including exports are down, the sales of cars and gadgets are down compared to the last 4 years. All independent financial experts have questioned the credibility of the Modi growth figures.
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May 18, 2015 01:35pm
Third or fourth no matter. Its speed is outpacing china after 2025. It is only the power house after 2030 because China is retiring after 2030.
Concentrate on Know how technology Bringdown rich minerals from Mars, Saturn. Drill the oceans to extract Rich minerals.
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May 18, 2015 01:55pm
@Qamar India is second largest on PPP terms. India is 7t economy whereas Japan is 4.5 trillion
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May 18, 2015 01:58pm
@Qamar - India is the fastest growing economy of the world at 7.5% per annum. It is the third largest Asian economy after China and Japan.
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May 18, 2015 02:02pm
Talent, Tradition, Tourism, Trade, Technology-The focus on reviving Brand India. This is the ambition of Modi in every foreign visit.
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May 18, 2015 02:04pm
i have a feeling that a new sort of race is ON :)
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May 18, 2015 02:22pm
@Qamar , @ Awaits Ali :- Lets correct the mistake made by UP WALA ..India is 3rd largest economy in asia after Japan and China .Sounds perfect? :-)
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May 18, 2015 02:24pm
@ QAMAR @ Awaits Ali : - And yes, just to add to my previous comments, It's the fastest growing economy, not only in Asia but whole world. :-)
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May 18, 2015 02:35pm
"MODI" Own Pride, Neighbor's envy...
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May 18, 2015 02:39pm
@Qamar Well, both are right. The largest economies in Asia in terms of PPP gross domestic product (GDP) are China, India, Japan, Russia, South Korea, Indonesia, Turkey, Iran, Saudi Arabia, Taiwan, Thailand, Pakistan, Malaysia and Philippines and in terms of nominal gross domestic product (GDP) are China, Japan, India, Russia, South Korea ...
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May 18, 2015 02:53pm
Why so confusion,Here are figures from 2015 estimate IMF (IMf website)
In Asia- Nominal GDP (Japan 2nd at $4.210 trillion and India 3rd at $2.308 trillion)
PPP GDP (Indian 2nd at $7.997 trillion and Japan 3rd at $4.843 trillion)
In World- Nominal GDP (Japan 3rd at $4.210 trillion and India 7th at $2.308 trillion)
PPP GDP (Indian 3rd at $7.997 trillion and Japan 4th at $4.843 trillion)
with nearly $8 trillion India is 3rd largest economy in World in PPP term and 7th largest in Nominal term (2.3 trillion) 3 place up in ranking from 10th overtaking Italy (1.8 trillion),Brazil (1.9 trillion) and Russia (1.1 trillion).
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May 18, 2015 02:54pm
Before arriving in South Korea, Modi ji was in Mongolia where he announced 1 billion USD help in infra and for security purposes. Good going India. This is all part of India's Act East policy.
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May 18, 2015 02:55pm
@Awaits Ali , and pakistan's economy is on which no.
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May 18, 2015 03:01pm
@khanman Race with whom ? If you say between India and China, yes that is a possibility.
But if you think Pak can compete with India on soft power, then its a dream.
Soft power is what is going to make a country stronger in 21st century and not military. Military power is only going to be like ornaments. It will look good, but does not feed you in anyway.
This is what India has understood and voted for in last election and are reaping the benefits now as focus has totally shifted on economy.
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May 18, 2015 03:12pm
Why a swarm of pakistanis moaning of indian investment and its position in world.Does this news matter anything to you
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May 18, 2015 03:39pm
@General - Yes, PPP is a better measure and makes India third biggest economy in the world behind China and USA. But only recently many were preferring to use 'nominal' index just so not to make Chinese economy look bigger.
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May 18, 2015 03:42pm
@kaushal how can 5% growth rate be the fastest???
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May 18, 2015 03:44pm
@Gaurav Arya its 5% sir not 7
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May 18, 2015 03:45pm
@general and that proves that india is not a 'developed country' normally developing countries hav a higher GDP in terms of PPP
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May 18, 2015 04:04pm
Geo Modi
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May 18, 2015 04:12pm
India over took Japan last year as second largest Asian economy
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May 18, 2015 04:31pm
@Awaits Ali
see figs.on PPP basis.you also don't be too smart.PPP basis is now considered as more realistic when judging countries economy
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May 18, 2015 04:34pm
@Human Seven point five per cent,sir ...check it out?
India is probably entering a "gold period" of 30 years or so, of rapid economic growth and then,then the inevitable slow down.
Much like what happened in Japan or Korea or China.
India's growth is BENEFICIAL to all South Asian countries...believe me or not...and that includes Pakistan.
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May 18, 2015 05:10pm
Its is a pleasure to see Indian PM working hardly to bring FDI in the country.It will help India in the long run to accelerate growth and development;and create jobs for the umemployed youth of the country and poverty get reduced.I think,in economic growth lies the solution of all the problems of the world.
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May 18, 2015 05:20pm
@Govardan - Where is the "swarm"? Have you counted?
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May 18, 2015 05:36pm
@Human Think you are mistaken sir. Its 7+%
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May 18, 2015 06:06pm
Have to admit he is certainly a good PM for his country with his focus on bringing in investments
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May 18, 2015 06:21pm
Don't debate on number two or three onward. Modi focus is on employment in india thus he start all these tour in his first year. Hope that time will turn in india favour. we expect indian NRI become our ambassador in this process.
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May 18, 2015 06:21pm
he take selfie or wear costly suit on some occasion, he works and he know how to work. He has capability of leader, such ppl and leader not only for their own country but for all country and ppl they r good and useful.
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May 18, 2015 06:21pm
@Mohammed he is best
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May 18, 2015 07:00pm
Modi is the fundamental roler in India
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May 18, 2015 07:00pm
This is what the PM of any developing country should do. Sell the ideas, convince the investors, make the investment come to the country, resulting in employment and bettering of living standards, gradually but surely.
Wonder when will NS even think on these lines?
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May 18, 2015 07:30pm
@Gaurav Arya it is now at no. 1 gaurav check it before you comment
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May 18, 2015 07:32pm
@Human its now 8.5% its 2015 just to remind you
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May 18, 2015 07:51pm
@musdassir
yes, and we are a young nation ,japan and china are aging nations. we will grow for decades
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May 18, 2015 08:01pm
Mr. Modi is really working hard for India to develope into a modern state.Hope his team work like him.
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May 18, 2015 08:42pm
@Leo. You can project the wrong figures but can not fake actual growth.Partially agree with you that Modi's style is more about showman ship but at the same time,You can not take credits away from him for his impressive growth centric efforts and achievements.
His biggest contribution to Indian society is that he filled our young generation with confidence in all the areas. Our generation feels confident and motivated to achieve impossible.
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May 18, 2015 08:45pm
Take pride for your achievements,do healthy competition and believe in yourself. Work hard and nothing is impossible for the current young generation.
Numbers are mere source of motivation not for arguments.
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May 18, 2015 09:29pm
@musdassir Japan has, Sony, Panasonic, Toshiba, Hitachi, Yamaha, Toyota, Honda, Nissan, Suzuki, Nikkon, which does business worldwide. What does India have?
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May 18, 2015 09:39pm
@KM - Why worry about NS? Be happy for yourself!
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May 18, 2015 09:42pm
@pmrao - Yes, PPP is a better measure and makes India third biggest economy in the world behind China and USA. But only recently many were preferring to use 'nominal' index just so not to make Chinese economy look bigger.
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May 18, 2015 09:44pm
@N.S
DO NOT BE SHY !
Where is PAKISTAN with close to 200 million citizens?!!!!
Although you find it difficult to swallow,there is NO DOUBT that
INDIA is in the top 10 ECONOMIES of the world which has 193
countries or so (including the 30 or so "rich countries" of EUROPE.)
Leaders of the world have been making a beeline for INDIA esp
in the last decade or so realising the clear potential.
Now MODI is cashing in with new multi billion FDIs--not
loans from CHINA or the IMF like some countries in the region !"
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May 18, 2015 09:45pm
good PM modi wall schdule to koria for progress in economics of India
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May 18, 2015 09:52pm
@Sohail : Daewoo is Tata-Deawoo now
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May 18, 2015 10:04pm
Why are you so concerned about our gdp or growth. Probably u have enough problems on ur side. Please focus on that! Come deep down to bangalore I will show you more than 20+ R&D centres of Fortune companies at bangalore alone.
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May 18, 2015 10:09pm
To all, India is second largest economy in Asia in term of purchasing capacity,and third largest in World in term Of Purchasing capacity and not only India is amongst top ten economy of the world,in previous comment I forgot to mention the word 'PPP' ,thank u very much to my fellow Indians and other people too for correcting me
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May 18, 2015 10:20pm
bravo to india. please also pray for us.
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May 18, 2015 10:43pm
@N.S : Dear don't worry you will be pleased to know that we are growing and will not a leave a single stone unturned to get investment and business opportunities from developed nation who is wanting to do investment in India.
Don't worry figures will change in near future and hope you will be ready with your calculators and figures then...
Right now our focus is on providing Ease of business and conducive environment for foreign direct investment, make in India for self reliance, employment for all for alleviation of poor, good infrastructure for public to uplift our societal status .......
Just make sure .. you won't stay behind in this race in your love to hate India habit
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May 18, 2015 10:46pm
@Awaits Ali Here is the link: http://www.forbes.com/sites/timworstall/2014/12/27/india-becoming-third-largest-world-economy-is-a-sign-of-failure-not-success/
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May 18, 2015 11:10pm
@Tanker , Adding more to your points , come and see how many forbes 500 companies have their corporate office in Gurgaon(close to 20 KM from Delhi Airport) . you will be presently surprised.
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May 18, 2015 11:33pm
@Qamar PPP China U.S.A India and so on
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May 18, 2015 11:35pm
Biggest economies in the world by purchasing power ppp
China
Usa
India ;)
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May 18, 2015 11:50pm
@Let's Face it !!! - How does giving factual numbers become "your love to hate India habit"? I didn't notice any malice in @N.S. comment unlike yours!
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May 19, 2015 12:03am
@desidude - Good...but Forbes concurs that looking on a per capita basis is more relevant and not just total GDP. Here India is at 125 and Pak even lower at 134. http://en.wikipedia.org/wiki/List_of_countries_by_GDP_%28PPP%29_per_capita
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May 19, 2015 12:25am
@Qamar : I read it. Now its time you read again. India is number two Economy after China in Asia.
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May 19, 2015 12:30am
@Qamar well here is the truth india is right now 2rd largest economy in ASIA in terms of PPP economy. and in nominal GDP ranking india no is 3 in ASIA
but i will suggest you also read UN, World Bank, IMF report about economy of ASIA that till 2020 india will surpass japan in economy in nominal GDP too.
http://en.wikipedia.org/wiki/List_of_Asian_and_Pacific_countries_by_GDP_(PPP)
Mr Qamar i will advice you before replying on comment do some research
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May 19, 2015 03:40am
@Qamar I think you should check one more time. The statistics have changed and india is in 3rd position with 7,375.9$ billion in GDP and japan is 4th with 4,750.8$ Billion GDP
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May 19, 2015 06:35am
@Sohail,,,Watch next 5 years,you will see
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