Indian PM Invites Korean Investments in Solar & Nuclear Sectors

SEOUL (NNN-Bernama) -- Indian Prime Minister Manmohan Singh has asked South Korean businessmen to help India expand its burgeoning solar and nuclear power sectors by investing in these environment-friendly technologies, according to Press Trust of India (PTI).

“We are committed to increasing energy efficiency and the share of renewables, including solar and nuclear power, in our energy mix,” visiting Manmohan told a group of top Korean CEOs here.

Among the CEOs present was Kim Joong-Kyum of Korea Electric Power Corporation (KEPCO) which has interests in nuclear power that meets 45 per cent of Korea’s electricity requirements.

“There will be large business opportunities and I am aware of Korean capabilities in environmentally friendly technologies,” the Prime Minister said at a meeting organised by Korean industry chambers.

South Korean President Lee Myung-bak, during a bilateral meeting with Manmohan Sunday, had requested that his country be allocated a site in India to build nuclear reactors.

Sensing the concerns of the Korean businessmen with regard to the much-delayed US$12 billion Posco steel project in Odisha, the Prime Minister told the CEOs that "our processes can be slow but there are effective mechanisms for resolution of problems and differences and a strong rule of law.”

“The government is keen to move forward with the Posco project and there is some progress in this regard. I believe that India is a stable and profitable long-term investment opportunity,” he said.

Besides KEPCO, CEOs of Samsung Electronics, Tata Daewoo, Ssangyong Motors, Hyundai Motors and Doosan Heavy Industries were present at the meeting.

Furthermore, he added that investment from Korea is a priority for India and many states have been encouraging foreign investment and the Union Government to support these efforts.

"Therefore, I urge Korean industry to have faith in India as India is one of the fastest growing major economies of the world and poised to continue to be a frontline player in the global knowledge economy," Manmohan said.  -- NNN-BERNAMA