India and South Korea have taken a significant step towards enhancing their strategic partnership. Prime Minister Narendra Modi and South Korean President Lee Jae-myung met at Hyderabad House in New Delhi, leading to the signing of multiple Memoranda of Understanding (MoUs) across various sectors like trade, culture, and emerging technologies.
Industry leaders have expressed optimism about the new opportunities arising from this partnership. Rajan Navani, Chairman of Jetline Group of Companies, highlighted the positive outcomes of the India-Korea business dialogue, especially in areas like Gen Z engagement and digital ecosystems. Hitesh Doshi, Chairman of Waaree Group, credited India’s “Make in India” initiative for attracting Korean investments and bolstering global partnerships.
Moreover, Subhrakant Panda, Managing Director of Indian Metals and Ferro Alloys Limited, praised India’s policy framework for positioning the country as a rising global economic power. PM Modi mentioned that bilateral trade between the two countries has reached $27 billion, with a target to increase it to $50 billion by 2030. He also emphasized the strengthening ties in the Indo-Pacific region over the past decade.
To deepen economic engagement, India and South Korea have launched the India-Korea Financial Forum and agreed to establish an Industrial Cooperation Committee.
