The Union Minister invited South Korean entrepreneurs to invest in sectors like Defence and Retail

India had become an attractive and preferred destination for investments, Union Commerce and Industry Minister Piyush Goyal said on Friday.

He also pointed out that Foreign Direct Investment (FDI) in India had been growing rapidly over the past few years.

Addressing the 4th edition of the India-Korea Business Partnership Forum organised by CII-KITA, Goyal invited South Korean entrepreneurs to invest in new sectors like Defence and Retail.

“We need to complement our complementary strengths in Automobiles, Textiles, Food processing, Leather Products, Metals, Mining, Chemicals and also through some of our traditional sectors like Steel and look at new emerging opportunities in Defence, e-Commerce and Retail,” he said.

According to Goyal, Prime Minister Narendra Modi’s ‘Make in India’ initiative is complemented by Her Excellency President Moon’s ‘New Southern Policy’.

“Many Korean companies have leveraged the opportunities that India has to offer to ‘Make in India’ for the world using the competitive and comparative advantages of skilled manpower, low cost manufacturing and the Government support that is provided for businesses in India," he pointed out.

The minister emphasized that India's economy was bouncing back and would possibly see one of the fastest growth rates across the world.

“Our Exports are at an all-time high... Both on the Manufacturing side and on Services our PMI is at all-time highs. We are leveraging our strengths to realise the goal of AatmaNirbhar Bharat, a self-confident and self-reliant India," he noted.
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