During a joint press statement, both leaders witnessed the exchange of several Memorandums of Understanding (MoUs). These agreements indicate a wide-ranging effort to enhance economic engagement and deepen cooperation in both emerging and established sectors.
Prime Minister Modi welcomed President Lee, describing his life as “an inspiring example of struggle, service, and dedication,” and stated that the visit represents an important step in further reinforcing the strategic partnership between the two democracies. Highlighting shared democratic values, Modi noted that the relationship is progressing from a trusted partnership toward a futuristic strategic alliance.
Trade Expansion and CEPA Upgrade
A major outcome of the summit was the decision to substantially increase bilateral trade. Both nations have set a goal to raise trade to $50 billion by 2030, nearly doubling the present volume of around $25–27 billion. To achieve this, the leaders agreed to upgrade the Comprehensive Economic Partnership Agreement (CEPA) within the coming year to better reflect evolving global trade trends.
Industrial Cooperation and Investment Boost
To further enhance industrial ties, Prime Minister Modi announced plans to develop dedicated Korean industrial townships in India. These townships are intended to support the entry and growth of South Korean companies, especially small and medium enterprises, by offering better infrastructure and regulatory assistance.
An Industrial Cooperation Committee will also be set up as a ministerial platform to strengthen business engagement and promote trade and investment between the two countries.
Financial and Economic Mechanisms
To support expanding economic relations, both sides announced the establishment of new institutional mechanisms. The India-Korea Financial Forum will help ensure smoother capital movement and boost investment partnerships, while an Economic Security Dialogue will focus on critical technologies and supply chain resilience.
Additionally, discussions were held on simplifying regulatory processes for micro, small, and medium enterprises (MSMEs), enabling smoother industrial cooperation and business activities.
India-Korea Digital Bridge
A key highlight of the summit was the launch of the “India-Korea Digital Bridge,” a long-term initiative aimed at strengthening cooperation in advanced technology sectors such as artificial intelligence, semiconductors, and information technology.
This initiative reflects the shared vision of both nations to build resilient supply chains and future-ready industries. Collaboration in areas like chip manufacturing, advanced technologies, and innovation ecosystems is expected to play a significant role in shaping the partnership.
Expanding Cultural and People-to-People Ties
Beyond economic and technological engagement, both leaders emphasised the importance of cultural and people-to-people connections. They noted the increasing popularity of Korean culture in India and identified films, animation, gaming, and entertainment as growing areas of engagement.
On cultural ties, the Prime Minister remarked, “India and Korea share cultural ties dating back thousands of years. The story of Princess Suriratna of Ayodhya and King Kim Suro of Korea from 2,000 years ago is our shared heritage.” He added, “Today, K-Pop and K-Dramas are becoming very popular in India. Similarly, the recognition of Indian cinema and culture is growing in Korea. We are delighted that President Lee himself is a fan of Indian cinema. To strengthen this cultural connect, we will organize the India-Korea Friendship Festival in 2028.”
Quoting Rabindranath Tagore, the Prime Minister concluded, “Nearly 100 years ago, India’s great poet, Gurudev Rabindranath Tagore, called Korea the ‘Lamp of the East.’ Today, Korea is a vital partner in realizing our resolve for a ‘Viksit Bharat 2047’ (Developed India 2047). Let us, through our partnership, pave the way for the progress and prosperity of both our countries and the entire world.”
Global and Strategic Cooperation
The leaders also exchanged views on regional and global developments, underlining the importance of stability and cooperation in the Indo-Pacific region. They agreed to deepen collaboration in areas such as green energy, critical technologies, and supply chain security.
Prime Minister Modi welcomed South Korea’s participation in global initiatives such as the International Solar Alliance and the Indo-Pacific Oceans Initiative, highlighting a shared commitment to sustainable development and environmental responsibility.
Vision for the Future
President Lee appreciated India’s development progress and its long-term growth vision, while both leaders reaffirmed their commitment to building a forward-looking partnership. The visit, the first by a South Korean president to India in over eight years, is being regarded as a major milestone in bilateral relations.
The summit concluded with Prime Minister Modi accepting an invitation to visit South Korea in the near future, indicating continued high-level engagement between the two nations.
With expanded engagement across economic, technological, cultural, and strategic domains, India and South Korea have laid the groundwork for a deeper and more comprehensive partnership in the coming years.
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