Indian PM urges South Korean businesses to invest in solar and nuclear power sectors

By Editor


Indian PM urges South Korean businesses to invest in solar and nuclear power sectors

Greentech Lead India: Indian Prime Minister Manmohan
Singh has asked South Korean businessmen to invest in solar and nuclear power
sectors to expand environment-friendly technologies.

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

Among the CEOs present was Kim Joong-Kyum of the Korea
Electric Power Corporation (KEPCO) which has interests in nuclear power that
meets 45 percent 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 organized by Korean industry chambers.

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

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

“Despite the adverse international environment, we have
managed to maintain a growth rate of 7 per cent per annum in the last few
years. I am confident that the strong fundamentals of our economy will help us
return to a sustained growth path of about 8-10 per cent per annum in the coming
years,” he said.

Unveiling ambitious plans for the development of physical
infrastructure, Singh said India was planning to secure investment of almost
USD one trillion in the next five years in new projects in highways, power
plants, mass transport systems, ports and airports.

After the implementation of the Comprehensive Economic
Partnership Agreement (CEPA) in 2010, the bilateral trade has surged by roughly
65 per cent in two years and reached a turnover of $20.6 billion in 2011.

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