Chidambaram invites Korean investors to India
Finance Minister P Chidambaram on Thursday invited the South Korean business community to invest in India, billing it as a country with the highest growth potential in the next 50 years among emerging market peers like Brazil, Russia and China.
By PTI |
SEOUL: Finance Minister P Chidambaram on Thursday invited the South Korean business community to invest in India, billing it as a country with the highest growth potential in the next 50 years among emerging market peers like Brazil, Russia and China.
The country's economy could be larger than all but US and China in 30 years. India is poised to grow at higher rates even after 2050, he said while addressing representatives of South Korean business and industry.
Indian economy is currently the world's fourth largest in terms of real GDP (PPP) and second fastest growing major economy in the world, he said adding there is very little political risk, he said.
Outlining advantages of investing in India, Chidambaram said India, as an investment destination, provided a stable political climate, rule of law, large and educated manpower and the welcoming attitude of Governments at the national and state levels.
He also said, it also offers one of the safest investment opportunities in terms of country-risk also.
ADVERTISEMENT
In terms of the FDI Confidence Index (AT Kearney), India rose to the second most attractive FDI location in 2005 just behind China, he said.Trade with South Korea, one of India's important bilateral partners, has grown impressively from $1.6 billion in 2001-02 to $6.3 billion in 2005-06, he said.
The share of bilateral trade had increased from 1.69 per cent to 2.53 per cent within a span of five years, he said, adding that Korea was the ninth largest FDI source for the country with $754 million, representing 2.1 per cent of total FDI inflows into India.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
