President Lee: "Cooperation on Key Raw Materials Like Naphtha"... Modi: "Strengthening Supply Chain Collaboration" (Comprehensive)

Joint Press Conference Following Korea-India Summit

Korea and India to Establish First Ministerial-Level "Industrial Cooperation Committee"... Exchange Views on Middle East Situation

Bilateral Trade Volume Targeted at $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, on the occasion of his summit with Indian Prime Minister Narendra Modi, the two countries have agreed to establish the first ministerial-level economic cooperation platform, the "Industrial Cooperation Committee," and to expand bilateral trade volume from the current annual level of $25 billion to $50 billion by 2030. He also unveiled plans to broaden the scope of cooperation beyond existing economic ties to encompass strategic industries such as critical minerals, nuclear power, clean energy, artificial intelligence (AI), shipbuilding, and financial services.

President Lee Jae-myung is applauding after Prime Minister Narendra Modi's remarks at a joint press conference held at the 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 official state guesthouse of the Indian government, President Lee stated, "We have agreed to advance the framework of economic cooperation between our two countries to create new momentum for mutual growth," and added, "We will establish the Industrial Cooperation Committee, the first ministerial-level economic cooperation platform between Korea and India, to strengthen collaboration not only in trade and investment, but also in strategic sectors such as critical minerals, nuclear power, and clean energy."

President Lee also remarked, "Amid an era of uncertainty, we agreed that Korea and India can be optimal, comprehensive partners for mutual growth and innovation," and continued, "While advancing existing economic cooperation, we have decided to expand collaboration in strategic industries, including shipbuilding, financial services, AI, and defense and defense industry, and to further enhance cultural and people-to-people exchanges."

In particular, the two countries 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 sufficiently reflect new trade norms so that we can create a more favorable trade and investment environment for our companies and respond promptly to the changing trade environment, such as supply chains and the green economy."

Cooperation in response to recent supply chain instability related to the situation in the Middle East was also raised as an agenda item. President Lee stressed the need for collaboration in energy security, saying, "We will continue to work together to ensure a stable supply of key resources such as energy and naphtha."

In the shipbuilding sector, the two sides agreed to combine the technological prowess of Korean companies with policy support from the Indian government to expand opportunities for Korean firms to enter the Indian shipbuilding market. President Lee mentioned support from India's central and local governments for shipbuilding facility construction, guarantees of ship order demand, and production subsidies, stating, "We will cooperate to help our companies 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 New Delhi guesthouse on the 20th (local time). Photo by Yonhap News

Financial cooperation will also be ramped up. The two countries, through a memorandum of understanding (MOU) between their financial authorities, have agreed to lay the groundwork for Korean financial companies to enter India's financial market, which has grown to become the world's third largest, and to strengthen the sharing of information for eligibility screening and fintech collaboration. In the AI and digital sectors, they will build a cooperative foundation through the "Digital Bridge Framework." President Lee said, "We plan to establish a foundation for AI and digital cooperation between India, a powerhouse in AI talent, and Korea, which boasts world-class AI infrastructure."

Plans to expand cultural and people-to-people exchanges were also announced. Based on an MOU for cooperation in the creative cultural industries, the two countries will establish a Korea Center in Mumbai, India, and expand Korean language and Korean studies programs. In addition, through an MOU linking electronic payment systems, visitors to each other's countries will be able to use their home country's QR payment system, thereby 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 the recent situation in the Middle East and reached a consensus that restoring stability and peace in the region is extremely important for global security and the economy," and explained that he also briefed Prime Minister Modi on the Korean government's efforts to build peace on the Korean Peninsula.

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

Earlier, Prime Minister Modi announced the commencement of economic security dialogue between the two countries, as well as cooperation in core technologies and supply chains. He said, "The two countries share a common vision for the Indo-Pacific region," and added, "By joining hands, we can achieve shared prosperity." In particular, regarding the resumption of CEPA improvement negotiations, Prime Minister Modi stated, "We have agreed to do our best to resume negotiations within this year and conclude them swiftly."

On cultural cooperation, Prime Minister Modi referenced the "love story of Queen Heo Hwang-ok and King Kim Suro," saying, "It is a shared heritage that goes back 2,000 years. Today, K-pop is very popular in India." He continued, "I also heard that interest in Indian movies and culture is growing in Korea, and I was truly pleased to learn that President Lee is a fan of Indian films."

Prime Minister Modi also remarked, "About 100 years ago, the Indian poet Tagore referred to Korea as the 'Lamp of the East,'" adding, "Korea will play a truly important role in building a better future."

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