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India must improve infrastructure, cut red tape, says LG executive

Our Bureau

New Delhi , Dec. 12

THE stable political and economic situation in India has prompted Korean electronics and fast-moving consumer goods (FMCG) giants to invest heavily in India, the Executive Vice-President, LG Electronics, Mr Kwang-Ro Kim, has said here.

Addressing the India-Korea Economic Summit, Mr Kim said that the well-educated manpower was also playing a key role in India's economic resurgence.

The LG Electronics official, however, struck a note of caution, saying that unless India improved its infrastructure and did away with red tape, many more potential foreign investors would shy away from investing here.

During the plenary session, the key message that emerged was that further endeavours in bilateral cooperation were required in the infrastructure sector to boost trade, investment and other industrial cooperation projects between the two countries.

Besides, at the session on `Construction and Engineering", it was suggested that construction business should be added to the list of foreign businesses that are permitted to establish branch offices in India.

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