India and South Korea agree to expand strategic and economic ties, set ambitious target to double bilateral trade to 50 billion by 2030…reports Asian Lite News
Prime Minister Narendra Modi on Monday hailed the growing ties between India and South Korea as the two countries signed a series of agreements aimed at expanding cooperation across key sectors.
Speaking alongside South Korean President Lee Jae-myung, Modi described the visit as an important step towards building a more forward looking and comprehensive partnership between the two nations.
Welcoming President Lee on his first official visit to India, Modi said he was pleased to host a leader whose personal journey reflected resilience and commitment to public service. He added that although this was Lee’s first trip to India, his warmth towards the country had been evident since their earlier interactions.
The Prime Minister stressed that the relationship between the two countries rests on strong shared foundations, including democratic values, a market driven economic approach and respect for the rule of law. He noted that both nations also share similar perspectives on developments in the Indo Pacific region, which continues to shape their strategic cooperation.
Modi said that after a decade of steady engagement, the bilateral relationship had matured into a dynamic and wide ranging partnership, and was now ready to move into what he called a more “futuristic” phase.
He pointed to expanding opportunities across multiple sectors, saying both sides were committed to working together in areas ranging from semiconductors and shipbuilding to technology, energy and environmental initiatives. The aim, he said, was to ensure long term growth and shared prosperity.
President Lee echoed these ambitions, highlighting the economic potential of closer ties. He said both countries had set a target to nearly double their annual trade, increasing it from around 25 billion dollars at present to approximately 50 billion dollars by 2030.
He described India and South Korea as natural partners at a time of global uncertainty, noting that deeper cooperation could help drive innovation and sustainable growth in both economies.
Lee also confirmed that both sides had agreed to strengthen collaboration in strategic industries, including shipbuilding, artificial intelligence, finance and defence. Alongside economic cooperation, he emphasised the importance of cultural exchanges and stronger people to people connections.
Regional security and stability also featured prominently in the discussions, with both leaders reaffirming their commitment to maintaining peace in the Indo Pacific. They underlined the importance of a rules based order and inclusive development in the region.
Modi said that the progress made since the 2010 Comprehensive Economic Partnership Agreement would now gain further momentum, with cooperation expanding across an even broader spectrum of sectors, including cultural industries and clean energy.
He reiterated that India and South Korea would continue to work together to promote a peaceful, stable and inclusive Indo Pacific, adding that their partnership would play a constructive role in shaping the region’s future.
The talks covered a wide range of issues, including trade, investment, semiconductors and emerging technologies, reflecting the growing strategic depth of ties between the two countries.
