President Lee Attends Korea-India Business Forum... 20 MOUs Signed Between Companies

President Lee Jae-myung will attend the Korea-India Business Forum held in New Delhi, India, on April 20 (local time), where he is scheduled to urge business leaders from both countries to actively cooperate in trade and investment, high-tech industries, and culture. This forum is a large-scale economic event organized in conjunction with the first Korean president’s state visit to India in eight years, bringing together more than 600 government officials and business representatives from both countries to discuss ways to expand cooperation.

President Lee Jae-myung and Indian Prime Minister Narendra Modi are walking after the honor guard inspection at the official welcoming ceremony for the state visit held at the Presidential Palace in New Delhi on the 20th (local time). Photo by Yonhap News

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The Office of the President announced that, in his congratulatory address, President Lee will highly praise the cooperative ties between Korea and India and call on leading business leaders from both countries to make active investments and collaborate in pioneering global markets. The government stated that, on the occasion of this forum, it aims not only to broaden the scope of Korea-India economic cooperation but also to intensify collaboration in future growth areas such as supply chains, manufacturing, digital, and energy transition.

Approximately 250 Korean participants will attend the event, including Lee Jae-yong, Chairman of Samsung Electronics; Euisun Chung, Executive Chair of Hyundai Motor Group; Koo Kwang-mo, Chairman of LG; Chang Inhwa, Chairman of POSCO Holdings; Jeong Kisun, CEO of HD Hyundai; Choi Soo-hyun, CEO of Naver; and Kim Chang-han, CEO of Krafton. From the Indian side, more than 350 participants are expected, including Vijay Sankar, Chairman of the Sanmar Group; Ravikant Ruia, Vice Chairman of Essar Group; Rajiv Memani, President of the Confederation of Indian Industry (CII); and Jayant Acharya, CEO of JSW Steel. Korean companies in shipbuilding, steel, electronics, automotive, and consumer goods sectors will participate, while the Indian side will have a strong presence from the chemical, steel, bio, and materials industries.

The forum sessions will focus on practical cooperation plans in promising fields such as advanced manufacturing and steel, the digital economy, and energy transition. POSCO, Hyundai Motor, and Krafton are scheduled to present industrial cooperation models. In addition, a total of 20 private-sector memoranda of understanding (MOUs) are expected to be signed in various areas such as shipbuilding, digital, and energy. This serves as a follow-up to the Korea-India summit and is expected to provide a concrete platform for business linkages between companies from both countries.

The MOUs to be signed include a joint integrated steelworks project in India between POSCO Holdings and JSW Group; a collaboration on mapping services between Naver and Tata Group’s TCS; joint development of eco-friendly three-wheeled electric vehicles between Hyundai Motor and TVS Motor; and AI-based smart shipyard technology cooperation between HD Hyundai Heavy Industries and the Indian Institute of Technology Madras (IIT Madras). The scope of cooperation has now expanded from traditional manufacturing to digital, future mobility, shipbuilding, energy, bio, and K-beauty.

There will also be side events. On April 21, the day after the forum, the “Korea-India Business Partnership” hosted by the Ministry of Trade, Industry and Energy and organized by KOTRA will be held, featuring one-on-one business meetings and showcases in advanced industries, gaming, and entertainment. Around 40 Korean companies and 100 Indian companies will participate, expanding cooperation opportunities not only in traditional manufacturing but also in Korean Wave and new industries.

President Lee’s participation in this forum is a key economic event in his state visit to India, which also includes a summit with Indian Prime Minister Narendra Modi, a state luncheon, and a state dinner. According to the Office of the President, this visit aims to comprehensively strengthen the Korea-India Special Strategic Partnership and to initiate practical diplomacy and supply chain cooperation with India, a key country in the Global South.

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