India The New Bright Spot Of Hope: Modi

"We in India want to achieve a lot of what Korea has already done. That is why I, along with a large business delegation, am here. The good news is that India-Korea bilateral trade has risen after the signing of Korea-India CEPA in January 2010," Modi said.

Modi said there is a lot of scope for improvement in bilateral trade.

"South Korea ranks only 14th in FDI flows to India. I can admit that the reason for this low volume of FDI lies with us not with you. But I can tell you that India was and is a land of potential. Now, India is also a land of enabling policy environment," he said.

He assured of the renewed commitment of his government for changing the face of the country. He said there is potential for cooperation between India's software and Korea's hardware industry.

"Your car making and our designing capabilities can be put together. Though we have become the third biggest producer of steel, we need to add a lot of value in it. Your steel-making capacity and our resources of iron ore can be put together.

Your ship-building capacity and our agenda of port led development can become driver of our growth. Infrastructure including housing is another field where we can work together in a big way," Modi said.

Modi said his government is working day and night to create conditions for faster and inclusive growth, adding that international financial institutions, including the World Bank, IMF, OECD and others are predicting even faster growth in the coming years.

"We have restored the global positioning of India in terms of its politics, governance and economy. But we are not going to stop here. We have to and we will do a lot better, he said.

Modi arrived in Seoul on the third and last leg of his three-nation that also took him to China and Mongolia.

Also Read: World's Perception Of India Has Changed: Modi In Seoul
Indo-Mongolia Ties Not Driven By Competition Against Others: PM Modi