Will South Korea be an important partner in the goal of ‘Developed India’? 15 important agreements reached in the meeting of PM Modi and Lee Jae-myung

In an important meeting that will give a new height to the relations between India and South Korea, on Monday, Prime Minister Narendra Modi and South Korean President Lee J. Extensive bilateral talks took place between Myung. In this meeting, both the countries took many big steps towards strengthening economic, technical and cultural cooperation. The special thing was that an ambitious target was set to double the mutual trade to 50 billion dollars by 2030.

In a joint statement issued after the meeting, Prime Minister Narendra Modi said that India and South Korea are now transforming the relationship of trust into a strong partnership for the future. He said that both the countries will work together in every field from chips to ships, from talent to technology, and from environment to energy. PM Modi also said that South Korea will be an important partner in India’s goal of ‘Developed India’. This partnership will give a new direction to the progress and prosperity of both the countries.

Business target of 50 billion dollars

The Prime Minister emphasized that the visit of the President of South Korea to India after almost eight years is very important. He said that there are similarities in the thinking of both the countries like democratic values, market based economy and adherence to rules. Due to this strong foundation, India-South Korea relations have progressed rapidly in the last decade. At present the trade between the two countries is about 27 billion dollars, which has been targeted to be increased to 50 billion dollars by 2030.

India-South Korea Financial Forum has been started to ease trade. Besides, an Industrial Cooperation Committee has also been formed. Apart from this, it has been decided to start economic security talks to secure important technologies and supply chains.

Companies and technology will get a boost

It has been decided to set up ‘Korean Industrial Township’ to promote South Korean companies, especially small and medium industries, in India. This will create new opportunities for investment and employment. Apart from this, both the countries have agreed to further improve the mutual trade agreement in the next one year. It has also been decided to increase cooperation in areas like Artificial Intelligence (AI), semiconductor, information technology, shipbuilding, steel and ports.

Cultural connection also became stronger

In his statement, PM Modi also mentioned the thousands of years old cultural relations between India and South Korea. He described the historical story of Princess Suriratna of Ayodhya and King Kim-Suro of Korea as a common heritage. He said that today K-pop and K-drama are becoming very popular in India, while the recognition of Indian cinema and culture is increasing in South Korea. To further strengthen this cultural relationship, India-South Korea Friendship Festival will be organized in 2028.

15 big agreements signed between India and South Korea

cooperation in shipbuilding
Formation of Industrial Coordination Committee
Technical and trade cooperation for steel supply chain
Partnership between small and medium enterprises
Marine Heritage Conservation Agreement
trade agreement upgrade
Collaboration on financial software and systems
Partnership in Science and Technology
agreement on international payment system
India-South Korea Digital Bridge
Climate and Environment Cooperation
Partnership under the Paris Agreement
cultural cooperation agreement
Cultural Exchange Program
cooperation in sports sector

Major Announcements

Economic security talks begin
Distinguished Visitor Program will start
South Korea joins the Indo-Pacific Ocean Initiative
South Korea’s participation in Solar Alliance
Foreign Minister level talks will start
2028-29 will be celebrated as India-South Korea Friendship Year