A loan of $1.5 billion has been approved by the China-based Asian Infrastructure Investment Bank to complete all the infrastructure-related projects in India in 2018. These funds will be invested in the energy, roads and the urban development projects of India. The bank will also take into consideration the allocation of more funds for similar kind of projects next year as well. At second India –Korea Business Summit of 2018 held in New Delhi, Mr. Arun Jaitley, the finance minister also revealed the logo of the third annual meeting of the Asian Infrastructure Investment Bank which will be held in Mumbai from 25th June to 26th June 2018.
At the same event earlier, India’s Prime Minister Mr. Narendra Modi also addressed the audience and said that in terms of its purchasing power, India has become the third-largest economy already and that it will soon become the fifth-largest economy by nominal GDP in the world too. He also said that India is the largest growing major economy in the world and a nation with one of the largest start-up ecosystems. India and Korea are the third and fourth largest economies respectively in Asia. India-Korea: Scaling up the special strategic relationship through trade and investments was the theme of the two-day long India Korea business summit this year.
The goal of the summit is to create a framework for an open and action-oriented dialogue between the topmost business leaders and all the government officials from India as well as Korea. The main purpose of the summit was to focus on sectors where new and instant opportunities await for the Korean as well as Indian companies including infrastructure, power, ICT, smart cities, manufacturing etc. The summit would also be addressed by the Union commerce minister, minister of electronics and other top officials of the ministry of commerce and industry.