India and South Korea aim to double bilateral trade by 2030 from the current $25 billion.
Partnership to strengthen cooperation in AI, semiconductors, and IT as part of long-term tech collaboration.
Financial Forum, Industrial Cooperation Committee, and Economic Security Dialogue to boost investments and supply chains.
India-South Korea Ties Get Tech Boost; Modi’s 'Digital Bridge' Key Focus
New Delhi and Seoul sign multiple MoUs across technology, shipbuilding, and infrastructure as both nations push to deepen Indo-Pacific economic cooperation
PM Modi and South Korean President Lee Jae-myung PIB
Summary
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Prime Minister Narendra Modi on Monday welcomed South Korean President Lee Jae-myung on his first visit to India since assuming office. Following high-level delegation talks, Modi and Lee oversaw the exchange of several Memorandums of Understanding (MoUs) between New Delhi and Seoul aimed at strengthening economic ties and expanding bilateral cooperation.
Addressing the media during a joint press statement, Modi said, “I am delighted to welcome President Lee on his first visit to India. President Lee’s life is an inspiring example of struggle, service, and dedication.
Every challenge has only strengthened his resolve to serve the people. Although this is his first visit to India, his affinity for India has been evident since our very first meeting.”
Highlighting shared democratic values, Modi said Lee’s visit marks an important step toward deepening the strategic partnership between the two nations.
“This visit of the President of Korea to India is extremely important. Democratic values, a market economy, and respect for the rule of law are in the DNA of both our countries. We also share a common outlook in the Indo-Pacific region,” ANI reported, quoting the Prime Minister.
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The two sides signed MoUs across multiple sectors, including technology, shipbuilding, sustainability, steel, ports, and entertainment, signalling a broad-based push to deepen economic engagement.
India-Korea Digital Bridge
Following the delegation-level talks, Modi announced the launch of the long-term initiative titled the “India-Korea Digital Bridge.” The programme aims to deepen collaboration in high-technology sectors such as artificial intelligence, semiconductors, and information technology, reflecting both countries’ focus on strengthening resilient supply chains and future-ready industries.
Targeting $50 Billion Annual Trade by 2030
President Lee said that India and South Korea have agreed to work toward doubling bilateral trade to $50 billion by 2030, up from the current annual trade volume of around $25 billion.
“India has emerged as a leader of the Global South. Under your ‘Viksit Bharat 2047’ vision, India is achieving remarkable progress. The Republic of Korea has also evolved as a leader in chip manufacturing, semiconductors, and cultural industries,” Lee said.
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Launch of Financial Forum
To support these economic goals, Modi announced the creation of new institutional platforms aimed at strengthening financial cooperation. He welcomed the launch of the India-Korea Financial Forum, which is expected to facilitate smoother capital flows and promote greater investment collaboration between the two countries.