Prime Minister Narendra Modi on Monday highlighted the key role of India and South Korea as pillars of stability amidst rising global tensions. He also pointed out the shared commitment of both nations toward a peaceful and inclusive Indo-Pacific region.
Following the high-level delegation talks held in the national capital, Prime Minister Modi and President Lee Jae-myung oversaw the exchange of multiple MoUs between India and South Korea.
Designed to bolster bilateral cooperation across a range of strategic sectors, these agreements were formalised during a joint press statement at Hyderabad House, signifying a pivotal milestone in the diplomatic ties between the two nations.
Delivering the joint press statement after the exchange of agreements, the Prime Minister underscored the importance of the partnership in the current geopolitical climate.
"In this era of global tension, India and Korea together give the message of peace and stability," PM Modi stated.
Turning to the economic dimension of the partnership, the Prime Minister shared ambitious targets for bilateral trade and introduced several new mechanisms to facilitate business.
"Today, bilateral trade between India and Korea has reached 27 billion dollars. We have taken several important decisions to increase this to 50 billion dollars by 2030," he noted.
To achieve these goals, PM Modi announced the launch of new platforms aimed at streamlining financial and industrial ties. "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," he added.
The Prime Minister also detailed plans to secure technology supply chains and support smaller enterprises looking to enter the Indian market.
"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 year, we will also upgrade the India-Korea Trade Agreement," PM Modi stated.
The diplomatic significance of this partnership is underscored by the current international landscape. Since February 2026, the intensification of hostilities in West Asia, fuelled by reciprocal military actions between US-Israeli forces and Iran, has severely compromised international security and caused extensive turbulence in global shipping corridors.
Against this backdrop of instability, the Prime Minister welcomed Seoul's decision to join key international frameworks led by India. "We are very happy that today, Korea is joining the International Solar Alliance and Indo-Pacific Oceans Initiative," he noted.
Stressing the common vision held by both democracies for regional security, the Prime Minister said, "We will continue to contribute towards a peaceful, progressive and inclusive Indo-Pacific through our joint efforts."
He also pointed out that both nations remain in agreement that reforms in global institutions are essential to address global challenges.
Evoking historical ties to frame the modern partnership, PM Modi recalled the words of India's Nobel laureate. "Almost a hundred years ago, India's great poet Gurudev Rabindranath Tagore called Korea the Lamp of the East and today, Korea is an important partner to realise our resolve of a developed India 2047," he added.
The Prime Minister expressed confidence that the bilateral synergy would have a far-reaching impact beyond the two nations. "Let us, through our partnership, pave the way for progress and prosperity not only for both countries but for the entire world," PM Modi said.
With inputs from ANI