India, South Korea Forge Futuristic Partnership From Chips to Ships

Addressing a joint press statement, the Prime Minister described the visit of South Korean President Lee Jae-myung as a vital step towards establishing a more advanced bilateral framework.

Welcoming the visiting dignitary, PM Modi remarked, "I am delighted to welcome President Lee on his first visit to India. President Lee's life is an inspiring example of struggle, service, and dedication. Every challenge has only strengthened his resolve to serve the people. Although this is his first visit to India, his affinity for India has been evident since our very first meeting."

Highlighting the shared values that underpin the diplomatic bond, the Prime Minister noted that the visit carries immense significance for both democracies. "Democratic values, market economy, and respect for the rule of law are in the DNA of both our countries. We also have a common outlook in the Indo-Pacific region," he added.

According to the Prime Minister, the partnership is now transitioning into a more sophisticated phase following a decade of intensified engagement.

"Based on all this, our relations have become more dynamic and comprehensive over the last decade, and today, with President Lee's visit, we are going to transform this trusted partnership into a futuristic partnership," PM Modi stated.

The expanded scope of cooperation is set to cover a diverse range of industries. PM Modi emphasised, "We will realise new opportunities for cooperation in every field, from chips to ships, talent to technology, environment to energy, and together ensure the progress and prosperity of both countries."

President Lee Jae-myung also addressed the economic ambitions of the partnership, stating that both countries intend to nearly double their trade engagement. He noted the aim to increase the "current USD 25 billion level of annual trade volume between India and South Korea to around USD 50 billion by 2030."

The South Korean President further identified the two nations as natural allies in a volatile global environment. "In the era of uncertainty, we share our view that India and Korea can be the most ideal partners for comprehensive cooperation to promote mutual growth and innovation," he said.

He confirmed that both sides have "agreed to enhance cooperation in strategic industries, including shipbuilding, AI, finance, and defence and promote culture and people-to-people exchanges."

This strategic alignment also extends to regional security, with both leaders resolving to maintain peace and stability across the Indo-Pacific.

Reiterating the shift towards a "futuristic partnership," PM Modi noted that the momentum built since the 2010 Comprehensive Economic Partnership Agreement (CEPA) would now accelerate across every sector, including "entertainment to energy."

The Prime Minister reaffirmed that the two democracies remain dedicated to regional inclusivity. "Through our shared efforts, we will continue to contribute to a peaceful, progressive, and inclusive Indo-Pacific," he said.

The high-level discussions focused on a broad agenda, including trade, investments, semiconductors, and critical and emerging technologies.

- ANI