India and South Korea today signed four MoUs for cooperation in the fields of Sports, Cultural and Creative Industries, Small and Medium Enterprises and for the establishment of the Industrial Cooperation Committee. Both sides also exchanged Joint Declaration on resuming the negotiations to upgrade the Comprehensive Economic Partnership Agreement and the Framework for India-Korea Digital Bridge.
These were signed and exchanged after the talks between Prime Minister Narendra Modi and President of South Korea Lee Jae Myung in New Delhi today.
In his press statement, Mr Modi said that in this era of global tension, India and Korea together convey a message of peace and stability. He said that, through the shared efforts, both India and Korea will continue to contribute towards a peaceful, progressive, and inclusive Indo-Pacific.
The Prime Minister said today that both nations are laying the foundation for the success stories of the next decade. He said that to further deepen the partnerships in AI, semiconductors, and information technology, the India-Korea Digital Bridge is being launched. Mr Modi said India and Korea are transforming the trusted partnership into a futuristic partnership.
He said that both sides will realize new opportunities for cooperation in every sector, from chips to ships, talent to technology, and entertainment to energy. The Prime Minister expressed happiness that Korea is joining the International Solar Alliance and the Indo-Pacific Oceans Initiative today. He said this visit of the President of Korea to India is taking place after eight years, and it is of immense significance.
Mr Modi said that democratic values, a market economy, and respect for the rule of law are embedded in the DNA of both nations. He said, both countries also share a common outlook regarding the Indo-Pacific region. The Prime Minister said India and Korea share cultural ties that span thousands of years. He said the story of Princess Suriratna of Ayodhya and King Kim-Suro of Korea, which dates back two thousand years, constitutes the shared heritage.
Mr Modi said, today, K-Pop and K-Dramas are becoming immensely popular in India. He said, similarly, the recognition of Indian cinema and culture is also growing in Korea. The Prime Minister said, bilateral trade between India and Korea has reached 27 billion dollars, and today both nations have taken several important decisions to increase this to 50 billion dollars by 2030.
In his statement, the President of South Korea Lee Jae Myung, said that India has emerged as a leader in the Global South. He added that both nations will expand cooperation in Defence, AI, and Shipbuilding. Mr Lee said, he and Mr Modi exchanged views on the recent events unfolding in the Middle East and agreed that restoring stability and peace in the Middle East is crucial to global security and the economy.
He said that in the era of uncertainty, India and Korea can be the most ideal partners for comprehensive cooperation to promote mutual growth and innovation.