Key Points

The Prime Minister in a post on X said: "President Lee Jae-myung and I had a very good meeting in Canada. India and the Republic of Korea seek to work together in sectors like commerce, investment, technology, green hydrogen, shipbuilding and more. @Jaemyung_Lee."

The Prime Minister's Office in a post on X said:" Boosting India-Republic of Korea relations! PM @narendramodi and President @Jaemyung_Lee of the Republic of Korea had a productive meeting on the sidelines of the G7 Summit in Kananaskis, Canada. They agreed to strengthen cooperation in areas such as trade and commerce, investment, technology, green hydrogen and more."

The two leaders discussed regional and global issues, Ministry of External Affairs (MEA) Spokesperson Randhir Jaiswal said on X.

PM Modi and President Lee "reaffirmed their commitment to deepening India-South Korea Special Strategic Partnership by exploring new avenues for cooperation through partnerships in areas of trade and economy, critical and emerging technologies" including "culture and P2P (people-to-people contacts), among others," MEA Spokesperson Jaiswal said.

The meeting with President Lee was one of several PM Modi held with leaders at the G7 Summit on Tuesday.

President Lee offered "deep condolences" to the victims of a recent Indian plane crash during his talks with PM Modi on the sidelines of the G7 summit in Canada on Tuesday, the South Korea's Presidential Office said.

President Lee conveyed the message regarding last week's Air India crash that killed more than 240 people, as he met PM Modi to discuss bilateral cooperation.

Noting that this year marks the 10th anniversary of the establishment of the two countries' special strategic partnership, President Lee expressed hope for elevating bilateral relations to a new level "across the board".

PM Modi thanked President Lee for his condolences and expressed his desire to further strengthen cooperation between the two countries, the office said.

India and South Korea share strategic interests in the Indo-Pacific region, facing some common challenges.

Bilateral trade reached nearly $27.5 billion last year.

President Lee highlighted that around 550 Korean companies are operating in India and emphasised the need to boost high-level communication while expanding cooperation in areas, including the economy, advanced technology, defence, the arms industry, and culture.

"The two leaders shared the view that people-to-people and cultural exchanges are crucial and agreed to continue advancing such exchanges," the presidential office said in a statement.

PM Modi invited President Lee to visit India, and the South Korean President expressed gratitude for the invitation, according to the office.

South Korea is one of the major investors in India, with several companies having manufacturing operations in automobiles, electronics, and other sectors.

"South Korea's major conglomerates are ramping up efforts to expand into India, positioning the country as a key player in the evolving global supply chain," according to the Chosun Daily.

"India is emerging as a viable alternative to China, particularly amid escalating trade tensions between Washington and Beijing," it said about the prospects for growing investments.

Asian Legal Business quoted Zunu Lee, partner at South Korean firm Yoon & Yang, as saying, "The alignment between Korea's 'Act Southern' and India's 'Act East' policies has created new momentum for bilateral economic cooperation."

- IANS