WATCH: PM Modi says South Korea has a huge opportunity in EV sector in India

PM Modi at the India-South Korea Business Symposium in Seoul during his visit to the Republic of Korea said South Korea being a leading manufacturer of electric vehicles has a huge opportunity in this sector in India.

He said the Indian economy is based on sound fundamentals and will in the near future double in size to USD 5 trillion, as he highlighted how India is a “land of opportunities” to investors in South Korea.

“No other large economy in the world is growing at over 7 per cent year after year,” he further added.

Over 600 Korean companies such as Hyundai, Samsung and LG Electronics are already invested in India and the prime minister said “we aspire to welcome many more.”

“(Car maker) Kia is soon to join this club too,” PM Modi added.

To ease business visits, India since October last year is giving Korean nationals visa on arrival, he said. “The fundamentals of our economy are sound. We are well set to become a 5 trillion dollar economy in the near future,” he said.

With PTI Inputs