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DD India

September 13, 2023 10:49 AM IST

India- South Korea strengthening ties in defence, trade

In a significant development aimed at fortifying bilateral relations, South Korea’s envoy to India, Chang Jae Bok, said South Korea will provide USD 4 Billion to India as a line of credit over the next three years for “high-value” projects.

Addressing a press briefing, the envoy described the discussions between South Korean President Yoon Suk Yeol and Indian Prime Minister Narendra Modi as “productive” on the sidelines of the recent G20 Summit.

The envoy pointed out that after the leaders meeting, the ongoing discussions between India and South Korea regarding the Comprehensive Economic Partnership Agreement had gained momentum. “India and South Korea have agreed that Korea will provide an amount of USD 4 billion during 2023-25… we need more discussion within the government officials. The first step is to sign the framework agreement… so that was discussed between the two leaders,” he said.

Giving further details about the meeting, the envoy informed that President Yoon agreed to strengthen space development cooperation and that two leaders were scheduled to speak for 20 minutes, but the discussion stretched to over 40 minutes.

One of the key outcomes of this high-level engagement was a mutual commitment to bolster defence cooperation between the two nations. The envoy said South Korea is willing to share technology on submarines and missile systems with India to strengthen defence cooperation.

Speaking about the New Delhi Declaration, he appreciated India and G-20 Sherpa Amitabh Kant for their tremendous work. “India showed the rest of the world that it is ready and will be the global leader in the near future,” the envoy stated.

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Last updated on: 1st December 2023