To strengthen their bilateral ties, South Korea and India sign four Memorandums of Understanding.

Today, South Korea and India signed four Memorandums of Understanding for collaboration in the areas of sports, small and medium-sized businesses, cultural and creative industries, and the creation of the Industrial Cooperation Committee. The Framework for India-Korea Digital Bridge and the Comprehensive Economic Partnership Agreement would be upgraded, according to a joint declaration signed by both parties. 

Following today’s meeting in New Delhi between South Korean President Lee Jae Myung and Prime Minister Narendra Modi, these were signed and traded. According to Mr. Modi’s press release, India and Korea together send a message of peace and stability during this time of international unrest. He stated that South Korea and India will continue to contribute to a peaceful, forward-thinking, and inclusive Indo-Pacific through their joint efforts. 

Both countries are building the groundwork for the success stories of the coming ten years, according to the prime minister today. He stated that the India-Korea Digital Bridge is being introduced to further strengthen the cooperation in information technology, semiconductors, and artificial intelligence. According to Mr. Modi, the trusting alliance between Korea and India is evolving into a futuristic alliance.

From chips to ships, talent to technology, entertainment to energy, he said, both sides will recognize new prospects for collaboration. The Prime Minister was pleased that Korea is now a member of the Indo-Pacific Oceans Initiative and the International Solar Alliance. He stated that the Korean President’s visit to India, which is happening after eight years, is extremely important.

According to Mr. Modi, respect for the rule of law, a market economy, and democratic ideals are ingrained in both countries’ DNA. According to him, both nations have similar perspectives on the Indo-Pacific area. According to the prime minister, there are thousands of years of cultural ties between Korea and India. He said that the shared heritage is represented by the two millennia-old tale of Princess Suriratna of Ayodhya and King Kim-Suro of Korea.

According to Mr. Modi, K-Pop and K-Dramas are currently gaining enormous popularity in India. According to him, Korea is also becoming more aware of Indian cinema and culture. According to the prime minister, bilateral commerce between Korea and India currently stands at $27 billion, but both countries have made significant steps today to raise that amount to $50 billion by 2030.

India has become a leader in the Global South, according to a declaration made by South Korean President Lee Jae Myung. He added that both nations will expand cooperation in Defence, AI, and Shipbuilding. According to Mr. Lee, he and Mr. Modi discussed the recent developments in the Middle East and came to the conclusion that bringing stability and peace back to the region is essential for both the economy and global security.

According to him, India and Korea may be the best partners for all-encompassing cooperation to foster mutual development and innovation in this uncertain time.