New Delhi: Prime Minister Narendra Modi on Monday said India and South Korea are set to elevate their partnership to a “futuristic” level, as he welcomed South Korean President Lee Jae-myung on his first visit to India in eight years.
During a joint press statement, Modi highlighted that bilateral trade between the two countries has reached $27 billion, with both sides aiming to increase it to $50 billion by 2030. To boost economic cooperation, the two nations announced initiatives including an India-Korea Financial Forum, an Industrial Cooperation Committee, and an Economic Security Dialogue.
The leaders also agreed to strengthen collaboration in key sectors such as semiconductors, artificial intelligence, shipbuilding, energy, and technology. Plans were announced to establish a Korean Industrial Township in India and upgrade the existing trade agreement within a year.
Emphasising cultural ties, Modi noted growing popularity of Korean cultural content in India and Indian cinema in Korea, with both countries planning to host an India-Korea Friendship Festival in 2028.
Amid global tensions, both nations reiterated their commitment to peace and stability in the Indo-Pacific region and stressed the need for reforms in global institutions.
