Korea and India to Establish Economic Cooperation "Control Tower"

President Lee and Prime Minister Modi Hold Summit
Bilateral Trade to Double by 2030
Expanding Cooperation Across All Strategic Industries

Laying a Wreath at the Gandhi Memorial, Honoring Shared Values of Democracy and Peace
Planting an "Ashoka" Tree Symbolizing Peace Together
Achieving Results with the Signing of 15 Documents

During his state visit to India, President Lee Jae-myung held a summit with Indian Prime Minister Narendra Modi on the 20th (local time), where the two leaders agreed to establish the first ministerial-level economic cooperation platform between the two countries, the "Industrial Cooperation Committee." They also agreed to expand bilateral trade volume from the current annual level of USD 25 billion to USD 50 billion by 2030. Their plan is 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 finance.

President Lee Jae-myung and Indian Prime Minister Narendra Modi are holding a small-scale summit at the guesthouse in New Delhi on the 20th (local time). Photo by Yonhap News

At the joint press announcement held at Hyderabad House, the official guesthouse of the Indian government, President Lee stated, "We have decided to upgrade the framework for economic cooperation between our two countries to create new engines for co-prosperity." He added, "By establishing the Industrial Cooperation Committee, the first ministerial-level economic cooperation platform between Korea and India, we will strengthen collaboration not only in trade and investment but also in strategic sectors such as critical minerals, nuclear power, and clean energy." President Lee went on to say, "We have agreed to expand cooperation in strategic industries including shipbuilding, finance, AI, and defense, and to further enhance cultural and people-to-people exchanges."

In particular, regarding the Korea-India Comprehensive Economic Partnership Agreement (CEPA), President Lee explained, "We will improve the agreement to better reflect new trade norms so that our companies can benefit from a more favorable trade and investment environment, and we can respond promptly to changes in the global trade landscape, such as supply chains and the green economy."

President Lee also stated, "We will continue to cooperate for the stable supply of energy resources and key raw materials such as naphtha." In the shipbuilding sector, Korea aims to combine its corporate technological expertise with policy support from the Indian government to expand opportunities for Korean entry into the Indian shipbuilding market.

The two countries have agreed, through a memorandum of understanding (MOU) between their financial authorities, to lay the groundwork for Korean financial companies to enter the Indian financial market—which has now grown to the third largest in the world—and to enhance information-sharing on eligibility reviews and cooperation in fintech (finance + technology). In the AI and digital sectors, they plan to build a cooperative foundation through the "Digital Bridge Framework."

Minister of Trade, Industry and Energy Kim Jung-kwan and Indian Minister of Commerce and Industry Piyush Goyal are posing for a commemorative photo after exchanging a memorandum of understanding (MOU) to establish the Industrial Cooperation Committee on the 20th (local time) at the Guesthouse in New Delhi, India, in the presence of President Lee Jae-myung and Prime Minister Narendra Modi. Photo by Yonhap News.

Additionally, based on an MOU on cultural and creative industries, the two countries will establish a Korea Center in Mumbai, India, and expand Korean language and Korean studies programs. Furthermore, through an MOU linking electronic payment systems, they will allow visitors from each country to use their domestic QR payment systems during visits, thereby improving convenience for mutual travelers.

President Lee said, "We exchanged views on the recent situation in the Middle East and agreed that stability and the restoration of peace in the region are extremely important for global security and the economy." He continued, "Based on the outcomes of today's summit, we adopted a Korea-India joint statement. I hope that prompt follow-up measures will be implemented so that both peoples can reap tangible benefits."

Prime Minister Modi announced the launch of economic security dialogues and cooperation in core technologies and supply chains between Korea and India. He emphasized that both sides would do their utmost to resume and swiftly conclude negotiations to improve the CEPA within the year. On cultural cooperation, Prime Minister Modi referenced the love story of Queen Heo Hwang-ok and King Kim Suro, noting, "This is a shared heritage dating back 2,000 years. Today, K-pop is also very popular in India."

President Lee Jae-myung and First Lady Kim Hye-kyung are laying a wreath at the Gandhi Memorial Park in New Delhi, India, on the 20th (local time). Photo by Yonhap News Agency

Earlier that day, President Lee officially began his schedule by being received by Indian President Droupadi Murmu and Prime Minister Modi at Rashtrapati Bhavan, the presidential palace in New Delhi. While a traditional performance took place, children holding the Korean and Indian national flags welcomed the state guests. President Lee wore a navy and orange tie reflecting the colors of the Indian flag, and First Lady Kim Hye-kyung wore a navy two-piece suit. President Lee and Mrs. Kim visited Raj Ghat in New Delhi to pay tribute to Gandhi, laying a wreath at the memorial and honoring him as a symbol of nonviolence and peace. A joint tree-planting ceremony was then held at Hyderabad House, the summit venue. The tree planted by President Lee was an "Ashoka," selected by the Indian side; "Ashoka" means "peace" in ancient Sanskrit.

This visit marks the first state visit by a Korean president to India in eight years, and the shortest time elapsed between a new administration taking office and a state visit in history. The summit included discussions to elevate the Korea-India Special Strategic Partnership to a new level, and concrete cooperation agendas—such as resuming CEPA improvement negotiations, cooperation in shipbuilding, shipping, and marine logistics, energy resource security, the Digital Bridge, and the launch of the first ministerial-level Industrial Cooperation Committee—were placed on the table, resulting in the signing of 15 documents.

At the final event, the state banquet hosted by President Murmu, President Lee and the First Lady's attire embodied a message of Korea-India friendship. President Lee wore a green Hangeul tie, which First Lady Kim had personally purchased at the "Korea Bon Saek" event at the Public Procurement Service's "B Collection" booth. The green color, reflecting the Indian national flag, expressed gratitude for India's hospitality and a hope for ever-deepening friendship between the two countries.

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