President Lee and Prime Minister Modi issue a joint statement in New Delhi
President Lee Jae-myung and First lady Kim Hye-kyung pose for a photo with the couple of Indian Prime Minister Narendra Modi.(Photo provided Blue House)
On a state visit to India, President Lee Jae-myung held a summit with Prime Minister Narendra Modi on April 20 (local time) and stated, “we have agreed to further advance existing economic cooperation, expand collaboration in strategic industrial sectors including shipbuilding, finance, artificial intelligence (AI), and national defense and the defense industry, and also further strengthen cultural and people-to-people exchanges.”
During a joint press statement in New Delhi, India, this afternoon following his summit with Prime Minister Modi, President Lee announced, “In this era of uncertainty, we have mutually agreed that the Republic of Korea and India can become optimal all-round cooperation partners to promote mutual growth and innovation.”
President Lee assessed that “Since establishing diplomatic relations in 1973, South Korea and India have achieved remarkable progress, including the signing of the Korea-India ‘Comprehensive Economic Partnership Agreement’ in 2010 and the elevation of our ties to a ‘Special Strategic Partnership’ in 2015.” He then said, “The two countries are now entering a new decade of their ‘Special Strategic Partnership.’”
Regarding the outcomes of the summit, President Lee introduced that “We have decided to create new momentum for shared growth by advancing the framework of economic cooperation between our two countries.” He continued, “We have agreed to establish the ‘Industrial Cooperation Committee,’ the first ministerial-level economic cooperation platform between our countries, to strengthen cooperation not only in trade and investment but also in strategic areas such as critical minerals, nuclear power, and clean energy,” adding, “Considering the recent situation in the Middle East, we will also continue to cooperate for the stable supply of energy resources and key raw materials like naphtha.”
He added, “We have agreed to accelerate negotiations to upgrade the Korea-India ‘Comprehensive Economic Partnership Agreement’ to create a more favorable trade and investment environment for our companies, and to promptly improve the agreement in a way that fully reflects new trade norms to respond in a timely manner to the changing trade environment, including supply chains and the green economy.”
President Lee also stated, “We plan to amend the Memorandum of Understanding (MOU) on cooperation for small and medium-sized enterprises to form a working-level consultative body between the Embassy of the Republic of Korea in India and Indian regulatory authorities, and to more systematically support the entry of our SMEs into India.” He said, “Through this, we will expand bilateral trade from the current level of 25billionperyearto50 billion by 2030.”
President Lee also introduced the expansion of cooperation in strategic industries between the two countries.
First, regarding the shipbuilding sector, he stated, “We have decided to combine the excellent technological capabilities of Korean companies with the policy support of India’s central and local governments—such as support for shipbuilding facility construction, guarantees for ship orders, and payment of shipbuilding subsidies—to enable our companies to explore new opportunities in the Indian shipbuilding market.”
Next, in the financial sector, he said, “Through an MOU on cooperation between financial authorities, we will lay the groundwork for our financial companies to enter the Indian financial market, which is growing to become the world’s third-largest.” He added, “Furthermore, we have agreed to share information for eligibility assessments necessary for the mutual entry of financial institutions and to strengthen cooperation in financial services and the fintech sector.” They also decided to pursue the establishment of a foundation for artificial intelligence and digital cooperation through a Digital Bridge Framework.
He also announced the signing of two Memorandums of Understanding (MOUs) to expand cultural and people-to-people exchanges.
President Lee announced, “Based on the MOU for creative cultural industries, we have decided to establish the ‘Mumbai Korea Center,’ which will serve as a permanent K-pop performance venue and an overseas hub for K-culture.” He stated, “I am confident it will become a new venue for cultural cooperation where K-pop meets Bollywood.”
He also introduced that “Through an MOU on linking electronic payment systems, we have made it possible for visitors to each other’s country to use their home country’s QR payment system as is,” and expressed his expectation that this will greatly enhance the convenience of mutual visits for the citizens of both nations.
President Lee said, “We exchanged views on the recent situation in the Middle East and shared the understanding that the restoration of stability and peace in the Middle East is crucial for global security and the economy.” He added, “In addition, I explained our government’s efforts to build peace on the Korean Peninsula and expressed my gratitude for the consistent support shown by the Indian government.”
President Lee, who announced that the ‘Korea-India Joint Statement’ was adopted based on the outcomes of the day’s summit, said, “I hope that the follow-up measures will be swiftly implemented so that tangible benefits can be returned to the people of both our countries.”
Yoon Young-sil
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