India and South Korea have taken a significant step in enhancing their bilateral relationship, as Prime Minister Narendra Modi and South Korean President Lee Jae Myung unveiled a detailed plan to deepen collaboration in trade, technology, and strategic sectors. This development occurred during President Lee’s inaugural visit to India since assuming office, following productive discussions in New Delhi.
The leaders witnessed the signing of several Memorandums of Understanding (MoUs), signaling a concerted effort to broaden economic ties and reinforce cooperation in both emerging and traditional industries. Prime Minister Modi warmly welcomed President Lee, hailing his life as a model of perseverance, service, and commitment, and highlighting the visit as a pivotal move towards fortifying the strategic partnership between the two democracies.
A key outcome of the summit was the mutual decision to significantly boost bilateral trade, with a target set to elevate trade to $50 billion by 2030, nearly doubling the current volume of approximately $25–27 billion. To achieve this objective, both countries agreed to enhance the Comprehensive Economic Partnership Agreement (CEPA) within the next year to align it with evolving global trade dynamics.
In a bid to further bolster industrial cooperation, Prime Minister Modi announced the establishment of dedicated Korean industrial townships in India, aimed at facilitating the entry and expansion of South Korean companies, particularly small and medium enterprises, by offering enhanced infrastructure and regulatory support. Additionally, an Industrial Cooperation Committee will be formed as a ministerial platform to boost business engagement and foster trade and investment between the two nations.
