President Lee: "Korea and India to Establish First Ministerial-Level 'Industrial Cooperation Committee'... Exchanged Views on Middle East Situation"

Joint Press Statement Following South Korea-India Summit

Trade Volume to Reach USD 50 Billion by 2030

Expanded Cooperation in Critical Minerals, Nuclear Power, Energy, AI, Shipbuilding, and Finance

During his state visit to India, President Lee Jae-myung announced on April 20 (local time) that, in conjunction with his summit meeting with Indian Prime Minister Narendra Modi, the two countries would establish their first ministerial-level economic cooperation platform, the "Industrial Cooperation Committee." They also agreed to double the scale of bilateral trade from the current annual level of 25 billion dollars to 50 billion dollars by 2030. The plan includes expanding bilateral cooperation beyond existing economic ties to encompass all strategic industries, such as critical minerals, nuclear power, clean energy, artificial intelligence (AI), shipbuilding, and finance.

President Lee Jae-myung applauds after the remarks by Prime Minister Narendra Modi during the joint press conference held at the State Guesthouse in New Delhi, India, on the 20th (local time). Photo by Yonhap News Agency

At the Korea-India joint press conference held at Hyderabad House, the Indian State Guesthouse, President Lee stated, "We have decided to sophisticate the framework for economic cooperation between our two countries to create new momentum for co-prosperity." He added, "By establishing the Industrial Cooperation Committee, our first ministerial-level economic cooperation platform, we will strengthen cooperation not only in trade and investment but also in strategic sectors such as critical minerals, nuclear power, and clean energy."

President Lee continued, "We agreed that Korea and India can become optimal, all-encompassing partners for mutual growth and innovation in this era of uncertainty." He further emphasized, "In addition to further advancing existing economic cooperation, we have agreed to expand collaboration in strategic industries such as shipbuilding, finance, AI, and defense, as well as intensify cultural and people-to-people exchanges."

In particular, the two leaders agreed to accelerate negotiations to improve the Korea-India Comprehensive Economic Partnership Agreement (CEPA). President Lee explained, "We have decided to revise the agreement to create a more favorable trade and investment environment for our companies and to appropriately respond to the evolving trade environment, including supply chains and the green economy, by sufficiently reflecting new trade norms."

Addressing recent instability in Middle Eastern geopolitical conditions, both sides also discussed cooperation to respond to supply chain uncertainties. President Lee stressed the need for collaboration to ensure energy security, stating, "We will continue to cooperate to ensure a stable supply of key raw materials such as energy resources and naphtha."

In the shipbuilding sector, the two countries will combine the technological capabilities of Korean companies with policy support from the Indian government to expand opportunities for entry into the Indian shipbuilding market. President Lee mentioned support from both central and local governments in India for the construction of shipbuilding facilities, guaranteeing ship order demand, and providing production subsidies, saying, "We will cooperate so that our companies can seek new opportunities in the Indian shipbuilding market."

Indian Prime Minister Narendra Modi is offering a seat during the expanded summit meeting with President Lee Jae-myung at the state guesthouse in New Delhi on the 20th (local time). Photo by Yonhap News

Financial cooperation will also be accelerated. Through a memorandum of understanding (MOU) between the financial authorities of both countries, Korea and India will establish a foundation for Korean financial companies to enter the Indian financial market, which has grown to the third largest in the world. They also agreed to strengthen information sharing on eligibility reviews and cooperation in fintech. In the AI and digital sectors, both countries will establish a cooperation framework through the "Digital Bridge Framework." President Lee said, "We plan to build a foundation for AI and digital cooperation between India, which boasts world-class AI talent, and Korea, which has world-class AI infrastructure."

Plans were also announced to expand cultural and people-to-people exchanges. Based on an MOU for the creative cultural industries, Korea and India will establish a Korea Center in Mumbai, and expand Korean language and Korean studies programs. Additionally, through an MOU for linking electronic payment systems, both countries will allow visitors to use their home country’s QR payment systems while visiting the other country, enhancing convenience for mutual visits.

President Lee also stated that he exchanged views with Prime Minister Modi on regional and international affairs. He said, "We exchanged opinions on recent developments in the Middle East and agreed that restoring stability and peace in the region is extremely important for global security and the economy." He also explained the Korean government's efforts to build peace on the Korean Peninsula.

President Lee concluded, "Based on the outcomes of today's summit, we have adopted a Korea-India Joint Statement." He added, "I hope that follow-up measures will be implemented promptly so that people in both countries can enjoy tangible benefits." He went on to say, "I believe this state visit will further strengthen trust and friendship between our two countries and serve as a catalyst for a new leap forward in comprehensive cooperation."

This content was produced with the assistance of AI translation services.