Prime Minister Narendra Modi on Monday said India and the Republic of Korea are set to transform their relationship into a “futuristic partnership,” as he welcomed President Lee Jae Myung during a joint press statement in New Delhi.
Addressing the media, the Prime Minister said the visit, taking place after a gap of eight years, holds special significance for both countries.
“This visit of the President of Korea to India, after a gap of eight years, is of great significance,” he said, noting that shared democratic values, rule of law, and a common Indo-Pacific outlook have strengthened bilateral ties over the past decade.
The Prime Minister said both sides are committed to expanding cooperation across sectors. “From chips to ships, from talent to technology, and from environment to energy, we will realize new opportunities for cooperation across all sectors,” he said.
Highlighting economic ties, the Prime Minister said bilateral trade currently stands at USD 27 billion, and both countries have taken steps to increase it to USD 50 billion by 2030.
“We have taken several important decisions today to take this to fifty billion dollars by 2030,” he said.
To boost economic engagement, the Prime Minister announced the launch of multiple initiatives, including the India-Korea Financial Forum, an Industrial Cooperation Committee, and an Economic Security Dialogue aimed at strengthening collaboration in critical technologies and supply chains.
He also said a Korean Industrial Township will be established in India to facilitate investments, particularly for small and medium enterprises, and confirmed that the bilateral trade agreement will be upgraded within the next year.
The Prime Minister further announced the launch of the India-Korea Digital Bridge to deepen cooperation in areas such as artificial intelligence, semiconductors, and information technology. Several Memorandums of Understanding were also signed in sectors including shipbuilding, sustainability, steel, and ports.
On cultural ties, the Prime Minister highlighted the shared heritage between the two countries, referring to the historical connection between Princess Suriratna of Ayodhya and King Kim Suro of Korea.
He noted the growing popularity of Korean cultural content in India and Indian cinema in Korea, and announced that an India-Korea Friendship Festival will be organised in 2028 to further strengthen cultural engagement.
The Prime Minister also emphasised the importance of people-to-people ties, with cooperation in education, research, and tourism.
In the context of global developments, he said India and Korea together send a message of peace and stability. He welcomed Korea’s participation in initiatives such as the International Solar Alliance and the Indo-Pacific Oceans Initiative.
“We will continue to contribute to a peaceful, progressive, and inclusive Indo-Pacific,” he said.
The Prime Minister also underlined the need for reforms in global institutions to address contemporary challenges.
Referring to Nobel laureate Rabindranath Tagore’s description of Korea as the “Lamp of the East,” the Prime Minister said Korea remains an important partner in India’s journey towards becoming a developed nation by 2047.
“Let us, through our partnership, pave the way for the progress and prosperity not only of our two nations, but of the entire world,” he said.
