Prime Minister Manmohan Singh said on Sunday that there was no need for India to 'look west' as there was enough surplus in the region itself.
Complete Coverage: PM in Malaysia
Speaking to the media while on his way to Kuala Lumpur in Air India 1 for the 11th ASEAN Summit and the first East Asia Summit, the prime minister said there was a need for faster economic growth in the region.
India can get enough foreign direct investment from the south East Asia itself, Dr Singh said, adding that the country was today an attractive investment destination.
On China
Dr Singh said there was a misconception about India's relationship with China.
"India and China are not in competition. We are partners," he said.
The prime minister said India was keen on bringing about increased interaction with China.
"Our relations with China are evolving in a healthy direction," he said.
Even on the border issue, Dr Singh said, both countries had agreed on the basic principles, which would direct the issue of border delineation.
The economic relationship between the two countries too had improved to a great extent, he added.
"I expect that more Indian companies will invest in China in the years to come. Several Indian pharmaceutical companies are operating in China. I welcome Chinese investment to our country," he said.
On East Asia Summit
What shape the East Asia Summit will take is a subject matter of discussion, said the prime minister, adding, "The fact that India was invited to the meet speaks volumes about the region's acceptance of India as a regional power."
"Our trade with South Korea, China and ASEAN countries is increasing at a handsome rate. We are also forging new linkages in trade and services. Also, in years to come, I believe investment flows will figure very prominently with ASEAN and other countries of East Asia," he added.
The prime minister said the current visit was of great importance to India.
"Ten years ago, no one thought South Korea would be a big investor in India. But today with LG, Samsung and Hyundai setting shops, South Korea is now one of the most bullish investors in India," he said.
"It is in a way, fulfillment of our commitment to the 'look East' policy. We have a benign relationship with many countries of South East Asia and East Asia. On this benign background, we can build a healthy economic relationship," Dr Singh added.
On regional blocks
Dr Singh said, "Regionalism is here to stay. There is regional trading arrangement in Europe, and the US is also seeing an upsurge of regionalism. In this background I do not think there is anything wrong with Asian countries coming together to forge growth of the Asian continent."
On India's economic agenda, he said that in the last year-and-a-half, India had taken several initiatives like the employment guarantee programme, which the government will expand all over the country over the next four years.
The prime minister also stated that the government had come out with a rural health mission, which was aimed at substantially improving the health status of the country.
On separation of civilian & nuclear facilities
The prime minister said interactions were going on with the United States on the issue.
As far as the exercise for the separation of the civilian and nuclear facilities is concerned, the programme is at a fairly advanced stage, he added.
On the Employees Provident Fund rate cut
Dr Singh said he wanted the organization to be financially strong, and make certain that they declare interest rates that they will be able to sustain.
"If they can sustain a higher rate, I will be happy," Dr Singh said.
He denied there being any political intervention on EPF rate and pointed out that last year the government had said that there would be no budgetary subsidizing.
"Any rate that has to be paid has to come from the resources of EPFO," he added.
The prime minister also talked about the Bharat Nirman programme, aimed at improving the rural infrastructure, power, roads, telecom and other facilities.
Only last week, the government had also launched the Urban Renewal Mission, which seeks to improve the quality of living of about 65 Indian cities.
"We have got a clearly set agenda. Never before in our history has any government, within one year, come out with so many initiatives," Dr Singh observed.
The prime minister said the government's overall thrust is to ensure that India's economy grew at the rate of 8-10 per cent and noted that the country needed a second green revolution.
Winding up the press conference, Dr Singh said South East Asia and East Asia were two of the most important regions for the future of global order.
