PM invites NRI investment
The prime minister, Mr. P V Narasimha Rao, on Thursday urged Indians based in this capital city of South Korea to make best use of the opportunities of investment awaiting them in India. “Our economy is in perfect health”, he told them.
Mr. Narasimha Rao who was speaking at a party thrown by the Indian diplomat, Mr. B.N. Oza, said everyone who met him in Seoul was asking about the economic reforms in India, “which means that everybody is talking about our reforms.” He invited the NRIs to India and called upon them to cooperate in its endeavour to globalise its economy.
Mr. Narasimha Rao said India had taken the decision to open up its economy after considerable deliberation and the results of the action had already started showing.
He said Indians who had migrated had done very well abroad and at the same time retained their cultural links with the motherland. The country was proud of their record.
Noting that this was the first visit to the Republic of Korea by an Indian prime minister, Mr. Narasimha Rao said the globalisation of India’s economy had thrown open fresh opportunities for Indo-Korean collaboration.
Referring to his visit to Luoyang, in China, Mr. Narasimha Rao said the stupas and Buddha icons showed the extent of India’s interaction with the East Asian countries.
He also appealed to Korean businessmen to invest in India. “I believe that if the advanced technology, financing and global marketing know-how of South Korea are combined with the natural resources, cheap and abundant labour and advanced technologies of India, the results will be great,” the prime minister said.
“This would help us to produce goods that are competitive not only in South Korea and India, but in the Third World countries also,” he added.
He said with the launching of economic reforms, the Indian Government has been able to achieve short-term goals. It has also helped in reducing fiscal deficit and stabilising prices and curbing capital’s flight.
The effects of long-term measures were also being felt as India recently has had a manifold increase in foreign investment.
He welcomed efforts to resolve the issue of withdrawal of North Korea from the Nuclear Non-Proliferation Treaty peacefully and through negotiations with the parties concerned.
He said it was a great honour for him to be the first Indian prime minister to visit the ‘Land of the Morning Calm’. The prime minister was confident that his visit would pave the way for further consolidation of amity and cooperation between the two countries.