India and South Korea Strengthen Ties with Trade Pact and Digital Cooperation Initiatives
Chips to ships: PM Modi and President Lee Unveil vision to double trade, launch ‘digital bridge’ between India and South Korea
The Indian Express
Image: The Indian Express
India and South Korea have agreed to upgrade their trade pact and enhance digital cooperation during a meeting between Prime Minister Narendra Modi and President Lee Jae Myung. The goal is to increase bilateral trade from $27 billion to $50 billion by 2030, while launching initiatives in AI, shipbuilding, and cultural exchange.
- 01Bilateral trade target set to reach $50 billion by 2030.
- 02Agreements signed on digital cooperation in AI and maritime logistics.
- 03Launch of the India-Korea Digital Bridge to enhance technology partnerships.
- 04Plans for a Korean Industrial Township in India to support SMEs.
- 05Cultural initiatives include the Mumbai Korea Centre for K-pop and Bollywood collaborations.
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During a meeting in New Delhi, Prime Minister Narendra Modi and South Korean President Lee Jae Myung announced a strategic partnership aimed at doubling bilateral trade from $27 billion to $50 billion by 2030. They agreed to resume negotiations on the Comprehensive Economic Partnership Agreement (CEPA) and signed agreements on digital cooperation in artificial intelligence (AI), small and medium enterprises, and maritime logistics. Modi emphasized the importance of cooperation in a global context, particularly regarding stability in the Middle East. The leaders also launched the India-Korea Digital Bridge to foster partnerships in technology and initiated plans for a Korean Industrial Township in India to facilitate the entry of South Korean companies. Cultural exchanges were highlighted, with plans for a permanent K-pop performance hall in Mumbai and the India-Korea Friendship Festival set for 2028. This comprehensive approach aims to strengthen ties between the two nations across various sectors.
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The upgraded trade pact and new initiatives are expected to create job opportunities and enhance technological collaboration, benefiting businesses and consumers in both countries.
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