India, South Korea Agree To Elevate Economic Partnership After PM Modi-President Lee Talks

India and South Korea on Monday agreed to elevate their economic partnership, with South Korean President Lee Jae Myung and Prime Minister Narendra Modi outlining a roadmap for deeper collaboration across strategic sectors.

Addressing a joint press meet in New Delhi after bilateral talks, President Lee said both nations see each other as ideal partners for comprehensive cooperation aimed at mutual growth and innovation.

The leaders agreed to upgrade their economic cooperation framework and establish an industrial cooperation committee, marking the first ministerial-level platform dedicated to trade, investment, and strategic industries.

The proposed framework will focus on key sectors such as critical minerals, nuclear energy, clean energy, shipbuilding, finance, artificial intelligence, and defence. Both sides also emphasised enhancing cultural exchanges and people-to-people ties.

President Lee highlighted India’s rapid economic progress and its role as a leading voice of the Global South. He also praised India’s development trajectory under the Viksit Bharat 2047 vision, noting the country’s growing global influence alongside South Korea’s advancements in semiconductors and cultural industries.

The two leaders discussed regional and global developments, including the situation in the Middle East, stressing the importance of restoring stability for global security and economic balance.

President Lee appreciated India’s continued support for peace efforts on the Korean Peninsula and expressed hope for sustained cooperation in this area.

Both nations also agreed to accelerate negotiations to upgrade the Comprehensive Economic Partnership Agreement (CEPA), originally signed in 2010, to better reflect evolving trade norms and strengthen supply chain resilience, particularly in green growth sectors and key commodities.

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