India one of the most open economies in the world: PM Modi

New Delhi: Prime Minister Narendra Modi on Tuesday said that India has all three factors of democracy, demography and demand adding that India is one of the most open economies in the world.

Addressing the 2nd India-Korea Business Summit in New Delhi, Modi said, “If you see around the globe, there are very few countries where you have three important factors of economy together. They are - Democracy, Demography and Demand. In India, we have all the three together.”

The PM added that the relations between India and Korea dates back centuries. “We are also bound by our Buddhist traditions. Nobel laureate Rabindranath Tagore composed poem 'Lamp of the East' in 1929 about Korea's glorious past and its bright future,” he said.

Modi also added that he admired the way Korea has created and sustained a global brand. “I visited Korea when I was CM of Gujarat. I used to wonder how can make such progress! Korea has given exemplary products to the world,” he added.

This year, the theme of the summit is "India-Korea: Scaling up the Special Strategic Relationship through Trade and Investments".

The summit aims to create the framework for an open and action-oriented dialogue between top business leaders and the government officials from India and Korea.

The agenda of the summit is to focus on specific sectors where new and immediate opportunities exist for Korean and Indian companies such as Infrastructure, ICT, Power, Smart Cities, Manufacturing and other strategic areas of collaborations.

Over 200 business delegates including top executives of some leading Korean business conglomerates and Government officials are participating in the Summit.

With Agency Inputs