Have worked towards creating stable business environment, removing arbitrariness in decision-making: PM Modi

File photo of Indian Prime Minister Narendra Modi. Photograph:( Zee News Network )

WION Web Team New Delhi, Delhi, India Feb 27, 2018, 05.28 AM (IST)

India has the three important factors needed in an economy, Prime Minister Narendra Modi said Tuesday. The three factors, he said, are "democracy, demography, and demand". 

Modi was speaking at the second India-Korea Business Summit, at which Modi invited Korea to invest in India. 

"If you see around the globe, there are very few countries where you have three important factors of economy together. They are - Democracy, Demography and Demand. In India, we have all the three together," Modi said. 

"We have worked towards creating a stable business environment, removing arbitrariness in decision making. We seek positivity in the day to day transactions. We are widening areas of trust. This represents a complete change of the government’s mindset," Modi added. 

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PM Modi also said that the two countries shared so much in common. 

He said " Relations between India-Korea dates back centuries. We are also bound by our Buddhist traditions. Nobel laureate Rabindranath Tagore composed poem 'Lamp of the East' in 1929 about Korea's glorious past and its bright future. From Princess to Poetry and from Buddha to Bollywood India & Korea have so much in common".

Recalling his previous visit to Korea he said he used to wonder the country's progress. He also said that he admired the global brand that Korea has created. 

He said, "I visited Korea when I was CM of Gujarat. I used to wonder how can a country make such progress! I admired the way they have created and sustained a global brand. Korea has given exemplary products to the world.

The theme of the summit 2018, " India-Korea Scaling up the Special Strategic Relationship through Trade Investments".