‘From chips to ships’: PM Modi hails India-South Korea ties; signs several MoUs | India News

New Delhi: Prime Minister Narendra Modi on Monday signed several MoUs aimed at deepening bilateral cooperation between New Delhi and Seoul as India-South Korea relations.In a joint press statement, Prime Minister Modi The visit by Korean President Lee Jae-myung is an important step towards a more developed bilateral framework. “I am delighted to welcome President Lee on his first visit to India. President Lee’s life is an inspiring example of struggle, service and sacrifice. Every challenge has only strengthened his resolve to serve the people. Although this is his first visit to India, his affinity for India was evident from our first meeting,” said PM Modi.“The visit of the President of Korea to India is very important. Democratic values, market economy and respect for the rule of law are in the DNA of both our countries. We also have a common vision in the Indo-Pacific region,” he added.The Prime Minister also said that the partnership between the two countries is now moving towards a more advanced stage“Based on all this, our relationship has become more dynamic and comprehensive over the past decade, and today, with President Lee’s visit, we are going to transform this faithful partnership into a future partnership. We will realize new opportunities for cooperation in every field from chips to ships, technology to talent, environment to energy, and ensuring the progress of both countries.”Meanwhile, South Korean President Lee Jae-myung said that both countries aim to “increase the current annual trade volume between India and South Korea from US$ 25 billion to about US$ 50 billion by 2030.”“In an era of uncertainty, we share our vision that India and Korea can be the most ideal partners for comprehensive cooperation for mutual growth and innovation. We have agreed to enhance cooperation in strategic industries including shipbuilding, AI, finance and defence, and exchange between cultures and peoples,” he added.Both sides decided to work together to ensure peace and stability in the Indo-Pacific region.“After President Lee’s visit, we are going to transform our trustful cooperation into a future partnership,” Modi said.Bilateral trade and economic relations gained momentum following the implementation of the Comprehensive Economic Partnership Agreement (CEPA) in 2010.“From chips to ships, talent to technology, entertainment to power, we will realize new opportunities for cooperation in every field,” he added.The Prime Minister said both sides will continue to work towards an inclusive Indo-Pacific.“Through our joint efforts, we will continue to contribute to a peaceful, progressive, and inclusive Indo-Pacific,” he said.Discussions also focused on enhancing ties in trade, investment, AI, semiconductors, critical and emerging technologies and people-to-people connectivity.