Prime Minister Narendra Modi said on Monday that India and South Korea share a common outlook for the Indo-Pacific and will continue to contribute towards a peaceful, progressive, and inclusive region, adding that both nations convey a message of peace and stability amid global tensions.
Addressing a joint press meet with South Korean President Lee Jae Myung following their talks here, PM Modi stated that India and South Korea agree that reform of global institutions is needed to address global challenges. "In this era of global tensions, India and Korea together convey a message of peace and stability.
We are very pleased that today, (South) Korea is joining the International Solar Alliance and the Indo-Pacific Oceans Initiative. Through our joint efforts, we will together continue to contribute towards a peaceful, progressive, and inclusive Indo-Pacific.
We also agree that reform of global institutions is essential to address global challenges." Extending a warm welcome to President Lee, PM Modi said: "I am delighted to welcome President Lee on his first visit to India. President Lee's life is an inspiring example of struggle, service, and dedication.
Every challenge has only strengthened his resolve to serve the people. Although this is his first visit to India, his affinity for India has been evident since our very first meeting." He noted that India and South Korea, through the visit of President Lee, will transform this "trusted partnership into a futuristic partnership".
He noted that their ties have become more dynamic and comprehensive in the past 10 years. "The South Korean President's visit to India after a gap of eight years is very important. Democratic values, market economy and respect for the rule of law are in the DNA of our two nations.
We have a common outlook in the Indo-Pacific region as well. 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 announced that India and South Korea have formed an Industrial Cooperation Committee to strengthen business cooperation.
He mentioned that India and South Korea will start the Economic Security Dialogue to increase cooperation in critical technology and supply chains. "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." Highlighting the cultural ties between the two nations, PM Modi announced that India and South Korea will organise a Friendship Festival in 2028 to strengthen their cultural connect.
"India and Korea share cultural ties that are thousands of years old. The story of Princess Suriratna of Ayodhya and King Kim Suro of Korea is part of our shared heritage. Today, K-pop and K-dramas are becoming extremely popular in India.
Similarly, the recognition of Indian cinema and culture is growing in Korea too. We are happy that President Lee also appreciates Indian cinema. To strengthen this cultural connect, we will organize India- South Korea Friendship Festival in 2028."