India-S Korea Shipbuilding Deal to Launch New Era in Industrial Partnership

Speaking at the India-Korea Business Forum, he said, "Starting with today's MOU signing to build a shipyard, I hope that we can expand cooperation in more diverse areas."

He further expressed hope for early progress in upgrading the Korea-India Comprehensive Economic Partnership Agreement (CEPA), stressing the need for a stronger institutional framework to support businesses in both countries.

"I hope progress will be made in the negotiations to upgrade the Korea-India Comprehensive Economic Partnership Agreement to create an institutional framework for Korean and Indian firms to realise a stable and sustainable partnership. Prime Minister Modi and I have agreed to produce concrete results as early as possible," Lee said.

Highlighting the broader trade outlook, the South Korean President noted that current bilateral trade does not reflect the true potential of the two economies. "Our current bilateral trade volume does not fully reflect the size and potential of India's economy. There is significant room for growth. I expect our trade to double in the coming years," he added.

Lee also underlined the complementary strengths of India and South Korea in advanced sectors. "India has world-class strengths in AI and software development, while Korea has strong capabilities in manufacturing, semiconductors, batteries, automobiles, and shipbuilding," he said, calling for a "future-oriented partnership in high-technology industries."

He emphasised that deeper cooperation is necessary in the current global environment. "In a world facing complex global challenges and restrictions on digital and economic connectivity, it is time to discard outdated ways of thinking and deepen cooperation," he said.

The South Korean leader also pointed to growing business linkages between the two nations. "Companies such as Samsung, LG, and Hyundai have become deeply embedded in India's economy, while Indian companies like Reliance, JSW, Tata, and Novelis are joining hands with Korean partners," he said.

India and South Korea have signed 16 Memoranda of Understanding (MoUs) aimed at boosting trade, investment and cooperation in areas including shipbuilding and AI, and establishing a ministerial-level industrial cooperation committee dedicated to economic cooperation.

- ANI