Lee and Modi aim to double trade by 2030, bolster strategic ties
2026.04.20 18:22
Modi welcomes Korea’s participation in India-led initiative for free, open Indo-Pacific waters
| South Korean President Lee Jae Myung (left) and Indian Prime Minister Narendra Modi greet each other after a joint press statement at Hyderabad House in New Delhi on Monday. (Yonhap) |
NEW DELHI — The leaders of South Korea and India agreed Monday to strengthen cooperation in strategic sectors including critical minerals and nuclear energy, and aim to double bilateral trade from the current level to $50 billion by 2030.
President Lee Jae Myung said he and Prime Minister Narendra Modi "shared the view that, in these uncertain times, Korea and India are well positioned to become ideal partners for comprehensive cooperation that fosters mutual growth and innovation."
The summit between Lee and Modi took place amid the US-Israeli war on Iran, which has reclosed the Strait of Hormuz and disrupted energy supplies for both Seoul and New Delhi.
Speaking at a news conference, Lee underscored that the two "agreed to upgrade the framework for economic cooperation between our two countries to generate new momentum for shared growth."
To that end, Seoul and New Delhi agreed to establish the Industrial Cooperation Committee, the first ministerial-level economic cooperation platform between the two countries.
Lee explained the launch of the new committee aims to "strengthen bilateral collaboration not only in trade and investment but also in strategic sectors such as critical minerals, nuclear energy and clean energy."
"In light of recent developments in the Middle East, we will continue to strengthen bilateral cooperation to ensure a stable supply of energy resources and key raw materials, including naphtha," Lee said during the news conference.
| South Korean President Lee Jae Myung (left) speaks during a joint press statement with Indian Prime Minister Narendra Modi at Hyderabad House in New Delhi on Monday. (Yonhap) |
Additionally, Lee announced that South Korea and India had "reached an agreement to expeditiously resume negotiations" to upgrade the Korea-India Comprehensive Economic Partnership Agreement, a free trade pact that first took effect in 2010.
Following the summit, Seoul and New Delhi adopted a joint declaration on resuming negotiations to upgrade the CEPA. According to Cheong Wa Dae in Seoul, the declaration calls for the 12th round of upgrade negotiations to be held in May this year, the regularization of future negotiating rounds, and the goal of concluding these talks in the first half of 2027. The negotiations had been suspended after the 11th round in July 2024.
The efforts do not stop at big corporations: the two countries revised a memorandum of understanding on cooperation in the field of small and medium-sized enterprises.
The revision aims to establish a working-level consultative body between the South Korean Embassy in India and Indian regulatory authorities, with the goal of providing more systematic support for Korean SMEs seeking to enter the Indian market, Cheong Wa Dae added in a separate statement.
"Through this, the two sides agreed to redouble their efforts to expand bilateral trade from the current annual level of $25 billion to $50 billion by 2030, while also strengthening Korea-India economic cooperation in key sectors," Lee said during the joint news conference.
| President Lee Jae Myung and Prime Minister Narendra Modi prepare for an expanded summit at Hyderabad House in New Delhi on Monday. (Yonhap) |
Lee also underscored that the two countries "agreed to expand cooperation in strategic industries that leverage our two countries’ respective strengths."
The two sides agreed to expand cooperation in shipbuilding, finance, artificial intelligence and digital industries by combining South Korea’s technological strengths with India’s policy support and market potential.
Specifically, Seoul and New Delhi agreed to cooperate to help Korean firms seize new opportunities in India’s shipbuilding market by combining Korean technological expertise with policy incentives from India’s central and state governments, according to Lee. The two countries signed an MOU on cooperation in the field of ports.
Speaking at the news conference, Lee said Seoul and New Delhi also concurred on further expanding cultural and people-to-people exchanges.
"We agreed to establish a 'Mumbai Korea Center,' which will serve as a permanent K-pop performance hall and an overseas hub for K-culture," Lee said. "I am confident that it will become a new platform for cultural cooperation. A place where K-pop and Bollywood come together."
To boost people-to-people exchanges, South Korea and India signed an MOU to link their QR code payment systems, allowing travelers from both countries to use their domestic mobile payment apps while visiting the other country without the need for separate currency exchange procedures.
Annual travel flows currently stand at around 120,000 South Koreans visiting India and 200,000 Indians visiting South Korea.
| President Lee Jae Myung and Indian Prime Minister Narendra Modi walk to a commemorative tree-planting ceremony at Hyderabad House in New Delhi on Monday. (Yonhap) |
During the news conference, Lee underlined that he and Modi "decided to continue close coordination to promote regional peace and address pending global challenges."
"We exchanged views on the latest developments in the Middle East and shared the view that the restoration of peace and stability to the region is critical to global security and the economy."
Speaking at the news conference, Modi also said, “In this period of global tensions, India and Korea together send a message of peace and stability."
Modi notably welcomed Korea’s participation in the India-led Indo-Pacific Oceans Initiative, which Lee had said South Korea intended to join in an interview with a local media outlet published hours before the summit.
"We are very happy that today Korea is joining the International Solar Alliance and the Indo-Pacific Oceans Initiative," Modi said. The ISA is a treaty-based intergovernmental organization founded by India and France in 2015 to combat climate change by promoting solar energy deployment.
Modi underscored that "through our shared efforts, we will continue to contribute toward a peaceful, progressive and inclusive Indo-Pacific.”
During the news conference, Modi highlighted the salience of Lee's state visit to India.
“Today, with President Lee’s visit, we are going to transform this trusted partnership into a futuristic partnership," Lee said. "From chips to ships, from talent to technology, and from entertainment to energy, we will turn new opportunities for cooperation into reality in every field.”
Lee wrapped up the news conference by saying, “Prime Minister Modi, while walking up the stairs earlier, promised to visit South Korea by next year at the latest,” adding that he looked forward to Modi’s trip.
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