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Indian Ambassador Vishnu Prakash, left, and Ajay Kanwal,
president and CEO of Standard Chartered Bank Korea and regional CEO of Northeast
Asia, pose for a photo at the Indian Embassy in Seoul, Thursday, after a news
briefing on a business seminar on infrastructure and manufacturing in India
slated for Aug. 29. / Korea
Times
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Indian Ambassador Vishnu Prakash encouraged investors to search
for business opportunities in his country, calling India "a young, educated
nation" with a sufficient number of high-skilled workers to work with Korean
companies.
During a news conference at the Embassy of India in Seoul Thursday, the envoy said Prime Minister Narendra Modi, who has been in office since May, has pushed for silent but decisive reform to remove bureaucracy and attract more foreign investors.
"The Indian prime minister's message to the nation is less government and more governance," Prakash told reporters. "It's true that we have bureaucratic bottlenecks. These bottlenecks, however, will be removed. The labor law has been simplified."
The embassy invited reporters to the news conference to preview what to expect during a business seminar slated for August 29 co-hosted by the Indian Chamber of Commerce in Korea, Standard Chartered Bank Korea, the Korea Society and the Indian multinational corporation Mahindra Group.
Approximately 100 Indian business executives from the infrastructure and manufacturing sectors will participate to talk about the investment environment of the country.
It will be the biggest event the Indian Embassy has ever held in Korea.
Ambassador Prakash gave one example illustrating the strong will of the Modi government to remove barriers hindering foreign investment to his country.
"Every industrial unit had to file annual returns on labor, which used to be 80 pages in the past. It was reduced to five pages. This is one example of the streamlined labor laws. Land acquisition procedures also have been simplified. Compensation procedures have been reviewed and deadlines are being introduced to make decisions to respond to queries from investors."
He called India a young country, saying two thirds of its population are 25 years old or younger.
The envoy talked about India's business-friendly environment when asked to answer concerns among some Korean investors who were familiar with the delay of a POSCO steel plant construction project in the southern region of Odisha.
The project was delayed for years as local residents, in collaboration with environmentalists, opposed the related land acquisition because of the project's potential impact on the region's ecosystem.
Ambassador Prakash noted that, nevertheless, the construction of the steel plant is almost complete and steel production will start from November.
Ajay Kanwal, president and CEO of Standard Chartered Bank Korea and regional CEO of Northeast Asia, noted that India is a key destination for Korean investors, and the bank will provide full support especially for medium-sized companies seeking investment in the country.
Kanwal said specialists in the areas of financial services, trade and commodities will provide technical assistance for Korean investors pursuing business opportunities in India.
"Bankers of Standard Chartered in India will handle all the process. What we really do is, based on their experiences with us, we provide their history to the bank in India so that it becomes very comfortable for them to operate there," he said.
Kanwal said Standard Chartered Bank in India hired two Korean staff members and they work full-time helping Korean investors solve any problems they face.
During a news conference at the Embassy of India in Seoul Thursday, the envoy said Prime Minister Narendra Modi, who has been in office since May, has pushed for silent but decisive reform to remove bureaucracy and attract more foreign investors.
"The Indian prime minister's message to the nation is less government and more governance," Prakash told reporters. "It's true that we have bureaucratic bottlenecks. These bottlenecks, however, will be removed. The labor law has been simplified."
The embassy invited reporters to the news conference to preview what to expect during a business seminar slated for August 29 co-hosted by the Indian Chamber of Commerce in Korea, Standard Chartered Bank Korea, the Korea Society and the Indian multinational corporation Mahindra Group.
Approximately 100 Indian business executives from the infrastructure and manufacturing sectors will participate to talk about the investment environment of the country.
It will be the biggest event the Indian Embassy has ever held in Korea.
Ambassador Prakash gave one example illustrating the strong will of the Modi government to remove barriers hindering foreign investment to his country.
"Every industrial unit had to file annual returns on labor, which used to be 80 pages in the past. It was reduced to five pages. This is one example of the streamlined labor laws. Land acquisition procedures also have been simplified. Compensation procedures have been reviewed and deadlines are being introduced to make decisions to respond to queries from investors."
He called India a young country, saying two thirds of its population are 25 years old or younger.
The envoy talked about India's business-friendly environment when asked to answer concerns among some Korean investors who were familiar with the delay of a POSCO steel plant construction project in the southern region of Odisha.
The project was delayed for years as local residents, in collaboration with environmentalists, opposed the related land acquisition because of the project's potential impact on the region's ecosystem.
Ambassador Prakash noted that, nevertheless, the construction of the steel plant is almost complete and steel production will start from November.
Ajay Kanwal, president and CEO of Standard Chartered Bank Korea and regional CEO of Northeast Asia, noted that India is a key destination for Korean investors, and the bank will provide full support especially for medium-sized companies seeking investment in the country.
Kanwal said specialists in the areas of financial services, trade and commodities will provide technical assistance for Korean investors pursuing business opportunities in India.
"Bankers of Standard Chartered in India will handle all the process. What we really do is, based on their experiences with us, we provide their history to the bank in India so that it becomes very comfortable for them to operate there," he said.
Kanwal said Standard Chartered Bank in India hired two Korean staff members and they work full-time helping Korean investors solve any problems they face.
source: korea times
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