India-South Korea: Historic ‘Electronic Payments’ Agreement between India and South Korea; Payment systems of both countries will be interconnected

• Historic ‘Electronic Payments’ Agreement in India-South Korea
• Payment systems of both the countries will be interconnected

India-South Korea Digital Payment: Prime Minister Narendra Modi He held a bilateral meeting with South Korean President Lee Jae-myung at ‘Hyderabad House’ in New Delhi on Monday. After this meeting, the leaders of the two countries issued a joint statement. South Korean President Lee said that in view of the growing demand, he will promote Korean language and courses in India through ‘Korea Foundation’ and ‘Korea Education Centre’.

of South Korea President Lee Jae-myung said, “I sincerely thank the people of India and Prime Minister Modi, for their various initiatives and for the warm hospitality extended to me and my delegation. India is the world’s largest democracy and fastest growing economy. As the President of South Korea, it is my great pleasure to pay a ‘State Visit’ to your country, the first such visit in eight years.”

He added, “Today, the Prime Minister and I had an in-depth discussion on ways to further strengthen our bilateral relations; also exchanged views on global and regional affairs. India, with the world’s largest population and fourth largest economy, has positioned itself as a leading country in the ‘Global South’ (a group of developing countries). As per your vision of ‘Developed India 2047’, India is making significant progress. ‘Korea Republic’ (South Korea) has also emerged as a leading country in strategic sectors such as chip manufacturing, semiconductors and cultural industries.”

South Korean President Lee Jae-myung noted, “In the current period of uncertainty, we have agreed that India and Korea are ideal partners for comprehensive cooperation to promote mutual development and innovation. We have also agreed to enhance cooperation in strategic industries such as shipbuilding, artificial intelligence (AI), finance and defense; as well as cultural exchanges and people-to-people interactions between the two countries.”

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“Current annual trade between India and South Korea is around $25 billion; we aim to increase it to around $50 billion by 2030,” he added. President Lee Jae-myung said, “India and South Korea have signed a Memorandum of Understanding (MoU) to link their electronic payment systems. This will enable citizens of both countries to pay using the local ‘QR code’ system when visiting each other’s countries. This initiative is a step that will make travel between our two countries more convenient.” He added, “Prime Minister Modi and I exchanged views on the recent developments in the Middle East and we agreed that restoring stability and peace in the region is of utmost importance for global security and economy.”

Referring to the areas of film, culture, language and education between India and Korea, Lee Jae-myung said, “Under the Memorandum of Understanding related to the Creative Sector, we have agreed to establish a ‘Mumbai-Korea Center’. It is hoped that this initiative will promote cultural cooperation and bring ‘K-Pop’ and ‘Bollywood’ together. Moreover, the ‘Korea Foundation’ and ‘Korean Education’ in India Through the center, we will actively promote the Korean language and courses.”

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