NEW DELHI: Prime Minister Narendra Modi said on Monday that India and South Korea share a common vision for the Indo-Pacific and will continue working together to promote a peaceful, progressive, and inclusive region, while also sending a message of stability amid global tensions.
Speaking at a joint press conference with South Korean President Lee Jae Myung after their talks, Modi emphasized that both countries agree on the need to reform global institutions to better address emerging international challenges. He also welcomed South Korea's decision to join the International Solar Alliance and the Indo-Pacific Oceans Initiative, describing it as a step toward stronger cooperation in the region.
Welcoming President Lee on his first visit to India, Modi described his life as an inspiring example of perseverance and public service. He noted that although it was Lee's first visit, his affinity for India had been evident since their earlier interactions. Modi added that this visit would help transform the existing "trusted partnership" into a more forward-looking and futuristic relationship.
He highlighted that India-South Korea ties have become increasingly dynamic and comprehensive over the past decade, supported by shared democratic values, commitment to a market economy, and respect for the rule of law. According to Modi, both nations also share similar perspectives on the Indo-Pacific, which further strengthens their cooperation.
The Prime Minister announced several initiatives aimed at boosting bilateral ties. These include the formation of an Industrial Cooperation Committee to enhance business collaboration and the launch of an Economic Security Dialogue to strengthen cooperation in critical technologies and supply chains. He also noted that bilateral trade has reached $27 billion, with both sides setting a target of $50 billion by 2030.
Additional steps include the creation of the India-Korea Financial Forum to facilitate financial flows, plans to establish Korean Industrial Townships in India to support companies, especially small and medium enterprises, and the proposed upgrade of the India-Korea Trade Agreement within the next year. (IANS)
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