India and South Korea have inked a Memorandum of Understanding (MoU) to enhance collaboration in the Micro, Small, and Medium Enterprises (MSME) sector, aiming to strengthen their economic ties. The agreement was formalized between India’s Ministry of Micro, Small, and Medium Enterprises and South Korea’s Ministry of SMEs and Startups. This MoU sets a structured framework for ongoing discussions on crucial MSME issues and paves the way for exploring mutually beneficial opportunities.
The MoU seeks to deepen the understanding of each other’s MSME ecosystems and promote increased interaction among stakeholders, as stated by the Ministry of Micro, Small, and Medium Enterprises. It is designed to facilitate trade and investment growth by promoting cooperation through the exchange of information and experts, sharing best practices, business matchmaking, and technical and economic collaboration. Additionally, it aims to bolster connections between the MSME sectors of both nations.
This partnership signifies a significant stride in enhancing economic cooperation between India and South Korea, emphasizing their joint commitment to empowering MSMEs as vital contributors to inclusive growth, innovation, and employment creation. Furthermore, India and South Korea have exchanged a joint declaration to restart discussions on upgrading the Comprehensive Economic Partnership Agreement and the Framework for the India-Korea Digital Bridge. These agreements were exchanged following discussions between PM Modi and South Korean President Lee Jae Myung.
In a press statement, PM Modi highlighted that amidst global uncertainties, India and Korea stand together to promote peace and stability. He emphasized the collective efforts of both countries in contributing to a peaceful, progressive, and inclusive Indo-Pacific region. PM Modi also underlined the establishment of the India-Korea Digital Bridge to deepen partnerships in artificial intelligence, semiconductors, and information technology, transforming their existing partnership into a futuristic alliance.
