Vivek Sharma, New Delhi, India, April 20, 2026: India and South Korea have taken a significant step toward enhancing their bilateral ties, as Prime Minister Narendra Modi and South Korean President Lee Jae-myung unveiled a comprehensive roadmap to strengthen cooperation across trade, technology, and key strategic sectors. The announcements were made during President Lee’s first visit to India after assuming office, following delegation-level discussions in New Delhi.
During a joint press statement, both leaders witnessed the
exchange of several Memorandums of Understanding (MoUs). These agreements
indicate a wide-ranging effort to enhance economic engagement and deepen
cooperation in both emerging and established sectors.
Prime Minister Modi welcomed President Lee, describing his
life as “an inspiring example of struggle, service, and dedication,” and stated
that the visit represents an important step in further reinforcing the
strategic partnership between the two democracies. Highlighting shared
democratic values, Modi noted that the relationship is progressing from a
trusted partnership toward a futuristic strategic alliance.
Trade Expansion and CEPA Upgrade
A major outcome of the summit was the decision to
substantially increase bilateral trade. Both nations have set a goal to raise
trade to $50 billion by 2030, nearly doubling the present volume of around
$25–27 billion. To achieve this, the leaders agreed to upgrade the
Comprehensive Economic Partnership Agreement (CEPA) within the coming year to
better reflect evolving global trade trends.
Industrial Cooperation and Investment Boost
To further enhance industrial ties, Prime Minister Modi
announced plans to develop dedicated Korean industrial townships in India.
These townships are intended to support the entry and growth of South Korean
companies, especially small and medium enterprises, by offering better
infrastructure and regulatory assistance.
An Industrial Cooperation Committee will also be set up as a
ministerial platform to strengthen business engagement and promote trade and
investment between the two countries.
Financial and Economic Mechanisms
To support expanding economic relations, both sides
announced the establishment of new institutional mechanisms. The India-Korea
Financial Forum will help ensure smoother capital movement and boost investment
partnerships, while an Economic Security Dialogue will focus on critical
technologies and supply chain resilience.
Additionally, discussions were held on simplifying
regulatory processes for micro, small, and medium enterprises (MSMEs), enabling
smoother industrial cooperation and business activities.
India-Korea Digital Bridge
A key highlight of the summit was the launch of the
“India-Korea Digital Bridge,” a long-term initiative aimed at strengthening
cooperation in advanced technology sectors such as artificial intelligence,
semiconductors, and information technology.
This initiative reflects the shared vision of both nations
to build resilient supply chains and future-ready industries. Collaboration in
areas like chip manufacturing, advanced technologies, and innovation ecosystems
is expected to play a significant role in shaping the partnership.
Expanding Cultural and People-to-People Ties
Beyond economic and technological engagement, both leaders
emphasised the importance of cultural and people-to-people connections. They
noted the increasing popularity of Korean culture in India and identified
films, animation, gaming, and entertainment as growing areas of engagement.
On cultural ties, the Prime Minister remarked, “India and
Korea share cultural ties dating back thousands of years. The story of Princess
Suriratna of Ayodhya and King Kim Suro of Korea from 2,000 years ago is our
shared heritage.” He added, “Today, K-Pop and K-Dramas are becoming very
popular in India. Similarly, the recognition of Indian cinema and culture is
growing in Korea. We are delighted that President Lee himself is a fan of
Indian cinema. To strengthen this cultural connect, we will organize the India-Korea
Friendship Festival in 2028.”
Quoting Rabindranath Tagore, the Prime Minister concluded,
“Nearly 100 years ago, India’s great poet, Gurudev Rabindranath Tagore, called
Korea the ‘Lamp of the East.’ Today, Korea is a vital partner in realizing our
resolve for a ‘Viksit Bharat 2047’ (Developed India 2047). Let us, through our
partnership, pave the way for the progress and prosperity of both our countries
and the entire world.”
Global and Strategic Cooperation
The leaders also exchanged views on regional and global
developments, underlining the importance of stability and cooperation in the
Indo-Pacific region. They agreed to deepen collaboration in areas such as green
energy, critical technologies, and supply chain security.
Prime Minister Modi welcomed South Korea’s participation in
global initiatives such as the International Solar Alliance and the
Indo-Pacific Oceans Initiative, highlighting a shared commitment to sustainable
development and environmental responsibility.
Vision for the Future
President Lee appreciated India’s development progress and
its long-term growth vision, while both leaders reaffirmed their commitment to
building a forward-looking partnership. The visit, the first by a South Korean
president to India in over eight years, is being regarded as a major milestone
in bilateral relations.
The summit concluded with Prime Minister Modi accepting an
invitation to visit South Korea in the near future, indicating continued
high-level engagement between the two nations.
With expanded engagement across economic, technological,
cultural, and strategic domains, India and South Korea have laid the groundwork
for a deeper and more comprehensive partnership in the coming years.
Email id: reporter.cnpn@gmail.com
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