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'Red tape' has been replaced by 'red carpet,' says PM Modi during 'India-Korea startup hub' launch

'Red tape' has been replaced by 'red carpet,' says PM Modi during 'India-Korea startup hub' launch

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Prime Minister Narendra Modi attends a business symposium in Seoul, South Korea, February 21, 2019.
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Indian Prime Minister Narendra Modi who is on a 2 day South Korea visit on Thursday addressed South Korean business leaders and invited them to invest in India saying "red tape" has been replaced by "red carpet".  He also launched "India-Korea Startup Hub" which he said it will provide a hub for South Koreans and Indians to "freely communicate."

Speaking at the India-Korea Business Symposium he said, "India is a land of opportunities. India is among top 10 trading partner of India and 6th largest export destination for Korean goods". Calling "South Korea a role model" and a "natural partner", PM Said, "Hyundai, Samsung are trustworthy brands in India".

Indian exports to Korea accounted for $ 2.91 billion and imports account for $ 8.707 billion during January-July 2017, marking a growth of 26% and 30.1%. Major Korean companies such as Samsung, Hyundai Motors and LG have made major investments in India.  

He said, "fundamentals of our economy are sound and we will become $5 trillion economy in the future"

He talked about how under his government, India jumped 50 places in the world bank's ease of doing business and introduced Goods and services tax.

Both countries initiated negotiations to upgrade the Comprehensive Economic Partnership Agreement (CEPA) to enhance bilateral trade between the two countries.

PM Modi had visited South Korea in May of 2015. South Korean president Moon Jae In visit India in July 2018. During his visit, he along with PM Modi inaugurated the new manufacturing facility of South Korean major Samsung in Noida which is the largest mobile phone manufacturing plant of the company anywhere in the world. 

PM Modi will shortly unveil a bust of Mahatma Gandhi at the Seoul Campus of the Yonsei University and in the evening he will interact with the Indian community in the country.

About 11000 Indian nationals are living in South Korea with 1000 more pursuing postgraduate and Ph. D programmes in the country. 

PM will also gift a sapling of  Holy Bodhi Tree to the people of Kimhae. Kimhae city has a historic connect with India since Princess Suriratna of Ayodhya had gone there in 48 CE and married Korean King Suro and started a dynasty. Princess Suriratna is known as Heo Hwang-ok in South Korea. The First Lady of South Korea, Kim Jung-Sook visited Ayodhya in November of 2018 to participate in the ground-breaking ceremony of Queen Suriratna Memorial in the city. 

On Friday, PM will meet with South Korean President Moon Jae at the blue house, which is the official residence of the South Korean president. After President Moon's election victory in 2017, PM Modi was the 4th international leader to congratulate him. 

On Friday itself, PM Modi will be also be honoured with the Seoul Peace Prize. The Seoul Peace Prize Cultural Foundation had announced in October of 2018 the decision to award Prime Minister Modi with the Seoul Peace Prize for 2018 in recognition of his dedication to international cooperation, global growth and human development. Previous recipients of the award include German Chancellor Angela Merkel & United Nation chiefs like Ban ki-Moon, Kofi Annan. 

The visit comes even as North Korean leader Kim Jong-un is all set to met US President Donald Trump for the 2nd US-North Korea summit in Vietnam on 27th and 28th February. They met last year in Singapore for the 1st summit.

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