New Delhi: India and South Korea have signed 16 Memorandums of Understanding spanning e-mobility, green energy, advanced manufacturing, shipbuilding, and digital technologies, as the two nations set an ambitious target of nearly doubling their bilateral trade from $27 billion to $50 billion by 2030 – a pace requiring close to 18 per cent annual growth.
The agreements were signed on Monday following bilateral talks between Prime Minister Narendra Modi and South Korean President Lee Jae Myung at Hyderabad House in New Delhi, marking President Lee’s first state visit to India. Lee arrived accompanied by the largest-ever business delegation from South Korea to accompany a visiting head of state, signalling Seoul’s intent to build on the Special Strategic Partnership between the two countries.
Beyond trade, the two sides adopted a joint strategic vision for the India-South Korea Special Strategic Partnership and launched the India-Korea Digital Bridge to boost cooperation in emerging technologies, including artificial intelligence and semiconductors. They also signed a comprehensive framework for partnership in shipbuilding, shipping, and maritime logistics, with India set to leverage South Korea’s advanced port and maritime expertise in the development of Indian infrastructure.
A key economic deliverable was the joint declaration on resuming negotiations to upgrade the Comprehensive Economic Partnership Agreement (CEPA), which had stalled, signalling renewed intent to improve market access and reduce trade barriers between the two economies.
Addressing a joint press conference, Prime Minister Modi framed the visit as a strategic inflection point. “Today, with President Lee’s visit, we are set to transform this trusted partnership into a futuristic partnership. From chips to ships, from talent to technology, and from environment to energy, we will realise new opportunities for cooperation across all sectors. Together, we will ensure the progress and prosperity of both our nations,” he said.
Modi also placed the bilateral engagement in the broader global context, noting that amid conflicts in West Asia and Europe, “India and Korea together convey a message of peace and stability.” He welcomed South Korea’s decision to join the International Solar Alliance and the Indo-Pacific Oceans Initiative,describing the move as a contribution to “a peaceful, progressive, and inclusive Indo-Pacific.”
President Lee echoed the geopolitical dimension, saying both leaders had discussed the situation in the Middle East and agreed that “restoring stability and peace in the Middle East is crucial to global security and the economy.” He described the two nations as natural partners, saying: “In the era of uncertainty, India and Korea can be ideal partners for comprehensive cooperation to promote mutual growth and innovation.”
Lee praised India’s growing stature as a leader of the Global South and underscored the two countries’ intent to expand cooperation in defence, artificial intelligence, and shipbuilding.
The visit comes at a critical juncture, as inflationary pressures driven by volatile energy markets and geopolitical tensions are compelling nations across Asia to reconfigure trade relationships and technology partnerships. Both India and South Korea are navigating global economic uncertainty and supply chain disruptions
Among the institutional outcomes, both sides agreed to establish an Industrial Cooperation Committee to enhance economic collaboration, which will serve as the primary mechanism for tracking implementation of the 16 MoUs.
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