Strengthening Bonds: PM Modi and President Lee Jae Myung Forge New Paths in India-South Korea Relations

NEW DELHI: In a significant diplomatic move, Prime Minister Narendra Modi welcomed South Korean President Lee Jae Myung on Monday, highlighting the deepening ties between India and South Korea. During a joint press conference, the leaders signed several Memoranda of Understanding (MoUs) aimed at fostering bilateral cooperation in key sectors, signaling a robust partnership that spans from technology to trade.

PM Modi expressed his enthusiasm for President Lee's inaugural visit to India, describing it as a pivotal moment in the evolution of the two nations' relationship. "President Lee's life story is an inspiring testament to resilience and dedication. His commitment to serving the people has only grown stronger through challenges," Modi remarked, emphasizing the shared democratic values and economic principles that bind the two countries.

The Prime Minister noted that the partnership is entering a more advanced phase, stating, "Our relations have become increasingly dynamic and comprehensive over the last decade. With President Lee's visit, we are poised to transform this trusted partnership into a futuristic alliance. We aim to unlock new opportunities for cooperation in every field—from chips to ships, talent to technology, and environment to energy—ensuring mutual progress and prosperity."

President Lee echoed this sentiment, announcing ambitious plans to double the annual trade volume between India and South Korea from the current USD 25 billion to USD 50 billion by 2030. "In these uncertain times, India and Korea stand as ideal partners for comprehensive cooperation, fostering mutual growth and innovation. We have agreed to enhance collaboration in strategic industries such as shipbuilding, artificial intelligence, finance, and defense, while also promoting cultural exchanges and people-to-people connections," he stated.

The discussions also underscored the commitment of both nations to ensure peace and stability in the Indo-Pacific region. PM Modi reiterated, "Following President Lee's visit, we are set to elevate our trusted collaboration into a futuristic partnership. Together, we will contribute to a peaceful, progressive, and inclusive Indo-Pacific."

The momentum in bilateral trade and economic relations has been bolstered since the implementation of the Comprehensive Economic Partnership Agreement (CEPA) in 2010. Modi highlighted the potential for cooperation across various sectors, stating, "From chips to ships, talent to technology, entertainment to energy, we will explore new avenues for collaboration."

As both leaders concluded their talks, the focus remained on enhancing ties in trade, investments, artificial intelligence, semiconductors, critical and emerging technologies, and fostering deeper people-to-people connections. This visit marks a new chapter in India-South Korea relations, promising a future filled with shared opportunities and growth.