India, South Korea Forge $50B Trade Pact, Boost Tech & Finance Ties

Finance Minister Nirmala Sitharaman met Lee Eog-weon, Chairman, Financial Services Commission, Korea in New Delhi on Monday. As per the Ministry of Finance, the talks focused on the financial and startup sectors. The discussions also included officials from the Financial Policy Bureau and the International Finance Division of South Korea, emphasizing the potential for future collaboration in the financial sector.

"Union Minister for Finance and Corporate Affairs Smt. @nsitharaman met Mr. Lee Eog-weon, Chairman, Financial Services Commission @FSC_Korea, Korea in New Delhi, today. Mr UN Yoseop, Director General, Financial Policy Bureau, FSC; and Mr KIM Yoonhee, Director, International Finance Division, FSC - South Korea were also present. They discussed avenues to enhance cooperation and sharing of knowledge between the two countries in areas like fintech innovation, digital payments, investment, local currency settlement, and opportunities for business in GIFT-IFSC. @GIFTCity_ @IFSCA_Official," the Finance Ministry said on X.

The Ministry also noted that the significant potential for future collaboration in financial sector was emphasised and both sides deliberated on identifying avenues for greater engagement in the domains of start-ups and bilateral investment, including through India's National Investment and Infrastructure Fund (NIIF).

Union Minister of Commerce, Piyush Goyal, also held a series of meetings at Bharat Mandapam, including a session with the CEOs and leadership teams, with discussions centered on enhancing collaboration across investment, innovation, and emerging technologies.

"Pleased to meet CEOs and leadership teams of Mirae Asset, Naver, and Krafton at Bharat Mandapam on the sidelines of the India-Korea Business Forum. Exchanged views on strengthening collaboration across investment, innovation, and emerging technologies," Piyush Goyal said on X.

Earlier, following his meeting with South Korean Trade Minister Kim Jung-Kwan in the national capital on Monday, Goyal said that India and South Korea discussed steps to create a more balanced trade relationship and boost Korean investments in India.

In a post on X, Goyal wrote, "A productive meeting with Mr. Kim Jung-Kwan, Minister for Trade, Industry and Resources of the Republic of Korea, in New Delhi. We discussed ways to leverage the India-Korea partnership to create a more balanced trade relationship and to drive greater investment by Korean companies in India."

"We also explored how both sides can capitalise on the opportunities India offers through the development of integrated, world-class townships under NICDC, designed to provide a competitive and future-ready ecosystem for manufacturing and innovation," the post read.

Meanwhile, the South Korean President and the First Lady arrived in New Delhi a day earlier for a three-day official tour and were received at the airport by Union Minister of State for Corporate Affairs Harsh Malhotra.

Prime Minister Narendra Modi welcomed South Korean President Lee on his first visit to India, highlighting the shared values and common Indo-Pacific vision between the two countries as New Delhi hosts the first presidential visit from the Republic of Korea in eight years.

In a post on X, PM Modi wrote, "Glad to have welcomed President Lee on his first visit to India. His life and work are inspiring examples of service and dedication. Making this visit more special is the fact that this is the first visit by a President of the Republic of Korea in 8 years. Our nations are bound by shared values and a common outlook on the Indo-Pacific region."

Prime Minister Modi said India and South Korea have agreed to deepen cooperation across key sectors and set an ambitious target to take bilateral trade to USD 50 billion by 2030, following talks with South Korean President Lee during his ongoing visit to India.

"Our talks today covered ways to deepen cooperation in various sectors ranging from chips to ships, from talent to technology, from entertainment to energy. We have taken numerous important decisions to take bilateral trade to fifty billion dollars by 2030," the post read.

- ANI