Prime Minister Narendra Modi on Monday welcomed South Korean President Lee Jae-myung on his maiden state visit to India, describing his life as an inspiring example of struggle and dedication.
The two leaders held delegation-level talks in New Delhi, culminating in the exchange of several Memoranda of Understanding aimed at deepening bilateral cooperation.
The agreements were signed during a joint press statement at Hyderabad House, marking a significant milestone in the diplomatic engagement between the two nations.
In his remarks to the media, Prime Minister Modi expressed delight at hosting President Lee, noting that although this was his first visit to India, his affinity for the country had been evident since their initial meeting.
Modi praised Lee’s life journey as one of service and resilience, underscoring the personal qualities that have shaped his leadership.
The Prime Minister highlighted the shared democratic foundations underpinning the relationship, stressing that democratic values, market economy principles, and respect for the rule of law are embedded in the DNA of both countries. He emphasised that India and South Korea also share a common outlook in the Indo-Pacific region, making the visit a crucial step towards advancing bilateral ties.
Reflecting on the evolution of relations over the past decade, Modi stated that the partnership has become increasingly dynamic and comprehensive. He declared that with President Lee’s visit, the trusted partnership would now be transformed into a “futuristic partnership.”
This new phase, he explained, would open opportunities for cooperation across diverse fields, ranging from semiconductors to shipbuilding, talent to technology, environment to energy, ensuring progress and prosperity for both nations.
On the economic front, Modi announced ambitious targets for bilateral trade. He noted that current trade between India and South Korea stands at USD 27 billion, and outlined decisions taken to raise this figure to USD 50 billion by 2030. To achieve this, new mechanisms have been introduced to facilitate business and financial flows.
Among the initiatives unveiled were the India-Korea Financial Forum, designed to streamline financial cooperation, and the Industrial Cooperation Committee, aimed at strengthening business ties.
Modi also announced the launch of the Economic Security Dialogue to enhance collaboration in critical technology and supply chains. To encourage Korean companies, particularly small and medium enterprises, to enter the Indian market, plans were revealed to establish Korean Industrial Townships.
Furthermore, within the next year, the India-Korea Trade Agreement will be upgraded to reflect the evolving partnership.
The announcements underscored the determination of both nations to elevate their relationship to a new level, combining shared values with practical mechanisms to secure economic growth, technological advancement, and strategic cooperation.
ANI
