‘$50 billion trade by 2030’: PM Modi hails partnership with South Korea after talks with President Lee Jae Myung
&imwidth=600&imheight=450&format=webp&quality=medium "‘$50 billion trade by 2030’: PM Modi hails partnership with South Korea after talks with President Lee Jae Myung")
Indian Prime Minister Narendra Modi holds joint presser with South Korean President Lee Jae Myung Photograph: (ANI)
‘$50 billion trade by 2030’: PM Modi hails partnership with South Korea after talks with President Lee Jae Myung
Prime Minister Narendra Modi on Monday (Apr 20) hailed the partnership between India and South Korea during a joint press conference following talks with President Lee Jae Myung. He also said that trade between the two countries will reach $50 billion by 2030. The two leaders also witnessed the exchange of MoUs between the nations.
Speaking at the press briefing following the bilateral meeting at the Hyderbad House in New Delhi, PM Modi said, “Today, bilateral trade between India and Korea has reached $27 billion. Today, we have taken several important decisions to increase this to $50 billion by 2030. To facilitate financial flows between the two countries, we have launched the India-Korea Financial Forum. To strengthen business cooperation, we have formed an Industrial Cooperation Committee. To increase cooperation in critical technology and supply chains, we are starting the Economic Security Dialogue. To facilitate the entry of Korean companies, especially SMEs, into India, we will also establish Korean Industrial Townships and within the next one year, we will also upgrade the India-Korea Trade Agreement.”
PM Modi also announced the launch of the India-Korea digital bridge to deepen the partnerships in AI, semiconductors, and information technology. “We are signing MoUs in areas such as shipbuilding, sustainability, steel, and ports. Through collaboration in the cultural and creative industries, we will also break new ground in film, animation, and gaming. Today's business forum will serve as a platform to transform these opportunities into concrete results,” he added.
Speaking at the press briefing, President Lee said, “India and South Korea signed an MoU on the linking of electronic payment systems, allowing both our citizens to pay using the local QR code system when visiting each other's countries. A measure that will make the mutual visits all the more convenient.”
‘Extremely important’ visit
The Indian Prime Minister said that Lee’s visit to India was “extremely important”, adding that the two nations share their “democratic values, market economy, and respect for the rule of law”. He added that India and South Korea also have a common outlook in the Indo-Pacific region.
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“Based on all this, our relations have become more dynamic and comprehensive over the last decade, and today, with President Lee's visit, we are going to transform this trusted partnership into a futuristic partnership. We will realise new opportunities for cooperation in every field, from chips to ships, talent to technology, environment to energy, and together ensure the progress and prosperity of both countries...” PM Modi said.
PM Modi also highlighted the growing popularity of K-pop and K-drama in India, and the recognition of Indian cinema and culture in Korea. “To strengthen this cultural connect, we will organize India- South Korea Friendship Festival in 2028,” he said.
