India-S Korea Target $50 Billion Trade, Launch "Futuristic Partnership"

Following delegation-level talks in the national capital, Prime Minister Modi and Lee Jae-myung, witnessed the exchange of several MoUs between India and South Korea, aimed at deepening bilateral cooperation. The exchange took place during a joint press statement held at Hyderabad House, marking a significant milestone in the diplomatic engagement between the two nations.

Addressing mediapersons after the exchange of agreements, PM Modi said, "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 democratic foundations that underpin the relationship, the Prime Minister noted that the visit is a crucial step towards a more advanced bilateral framework. "This visit of the President of Korea to India is extremely important. 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 said.

PM Modi further emphasised the evolution of the ties over the past decade, stating that the partnership is now moving towards a more advanced phase. "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. 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," he remarked.

Turning to the economic dimension of the partnership, the Prime Minister shared ambitious targets for bilateral trade and introduced several new mechanisms to facilitate business. "Today, bilateral trade between India and Korea has reached $27 billion. Today, we have taken several important decisions to increase this to $50 billion by 2030," he noted.

To achieve these goals, PM Modi announced the launch of new platforms aimed at streamlining financial and industrial ties. "To facilitate financial flows between the two countries, we have launched the India-Korea Financial Forum. To strengthen business cooperation, we have formed an Industrial Cooperation Committee," he added.

The Prime Minister also detailed plans to secure technology supply chains and support smaller enterprises looking to enter the Indian market. "To increase cooperation in critical technology and supply chains, we are starting the Economic Security Dialogue. To facilitate the entry of Korean companies, especially SMEs, into India, we will also establish Korean Industrial Townships and within the next one year, we will also upgrade the India-Korea Trade Agreement," PM Modi stated.

- ANI