Modinomics, Korea's economic plan can lift global economy: Park

SEOUL: South Korean President Park Geun-hye today said "Modinomics" and Korea's "3.0 economic plan" can combine to become central drivers for lifting the global economy.

Addressing the first meeting of the newly set up India-South Korea CEOs Forum, Park said, "Modinomics and Korea's 3.0 economic plan can combine to become central drivers for lifting the global economy," according to a tweet by External Affairs Ministry Spokesperson Vikas Swarup.

Park also proposed strengthening of cooperation between India and South Korea in the manufacturing, creative economy and new energy industries.

President Park : Modinomics and Korea's 3.0 economic plan can combine to become central drivers for lifting the global economy.

— Vikas Swarup (@MEAIndia) May 19, 2015

South Korea is one of the world's wealthiest nations and has a market economy that ranks 13th in the world by nominal GDP and 13th by purchasing power parity (PPP).

Modi's economic policies like the 'Make in India' flagship programme and fresh reforms have been lauded by world leaders.

Wooing Korean investors, Prime Minister Modi promised to give "personal attention" to making conditions "more conducive" for them to do business in India and said his government was working aggressively to make India a very easy place to do business.

Promising CEOs in Seoul a more stable, predictable and transparent taxation system, he outlined the steps taken by his government, which include fast tracking of approvals in industry and infrastructure, and liberalisation of FDI.

Later, Modi also had one-to-one meetings with heads of Hyundai, Samsung Electronics, POSCO and LG. All these companies want to expand their footprints in India.