**Executive Summary**
This statement outlines the transformation of the India-Korea partnership into a "futuristic partnership" during President Lee's visit to India on April 20, 2026. Key objectives include increasing bilateral trade to $50 billion by 2030 and upgrading the existing India-Korea Trade Agreement within the next year. The document highlights new cooperation across technology, finance, and industry, alongside a commitment to regional stability and the 2028 Friendship Festival.
**Key Points / Main Content**
* **Economic and Trade Growth**
* Set a bilateral trade target of $50 billion by 2030, rising from the current $27 billion.
* Launched the India-Korea Financial Forum to facilitate financial flows between the two nations.
* Committed to upgrading the India-Korea Trade Agreement within the next year.
* Established an Industrial Cooperation Committee to strengthen business-to-business ties.
* **Technology and Industrial Collaboration**
* Initiated an Economic Security Dialogue focused on critical technologies and supply chains.
* Launched the India-Korea Digital Bridge to deepen partnership in AI, semiconductors, and information technology.
* Signed MoUs in sectors including shipbuilding, sustainability, steel, and ports.
* Planned the establishment of a Korean Industrial Township to support Korean SMEs entering the Indian market.
* **Cultural and People-to-People Ties**
* Scheduled the India-Korea Friendship Festival for 2028 to celebrate cultural connects.
* Identified milestones for cooperation in creative industries, specifically film, animation, and gaming.
* Promoted expanded collaboration in education, research, and tourism.
* **Global and Regional Strategic Cooperation**
* Korea has joined the International Solar Alliance and the Indo-Pacific Oceans Initiative.
* Both nations agreed on the necessity of reforming global institutions to address modern challenges.
* Reiterated a shared commitment to a peaceful, progressive, and inclusive Indo-Pacific region.
**Impact Analysis**
**Government and Diplomatic Bodies**
**Impact**
Strengthened bilateral relations and alignment on Indo-Pacific security and global institutional reforms.
**Action Required**
Coordinate the implementation of the Economic Security Dialogue and integrate Korea into the International Solar Alliance frameworks.
**Korean Corporations and SMEs**
**Impact**
Reduced barriers to entry in the Indian market through the Korean Industrial Township and specialized committees.
**Action Required**
Leverage the Industrial Cooperation Committee and the upcoming industrial township for market expansion and investment.
**Technology and Manufacturing Sectors (AI, Semiconductors, Steel, Shipbuilding)**
**Impact**
Increased opportunities for joint research, development, and supply chain integration via the Digital Bridge and sectoral MoUs.
**Action Required**
Engage with the India-Korea Digital Bridge framework to establish technical partnerships and utilize the Business Forum for tangible outcomes.
**Trade and Financial Institutions**
**Impact**
Improved mechanisms for financial flow and a more robust trade environment following the agreement upgrade.
**Action Required**
Participate in the India-Korea Financial Forum and prepare for revised trade regulations within the next year.
**Creative and Cultural Industries**
**Impact**
Growth in mutual recognition and commercial opportunities within film, gaming, animation, and tourism.
**Action Required**
Organize and participate in the India-Korea Friendship Festival 2028 and explore joint production in creative sectors.
Key Entities Referenced
India-Korea Trade Agreement: A bilateral economic framework scheduled for an upgrade to help achieve a trade target of fifty billion dollars by 2030.
International Solar Alliance: An international organization focused on solar energy cooperation that South Korea is joining as part of the bilateral agreement.
Indo-Pacific Oceans Initiative: A regional maritime security and cooperation framework that South Korea has agreed to join.
India-Korea Digital Bridge: An initiative launched to deepen bilateral partnership in AI, semiconductors, and information technology.
Economic Security Dialogue: A new dialogue mechanism initiated to enhance collaboration between India and Korea in critical technologies and supply chains.
Prime Minister's Office
English Translation of Prime Minister's Press
Statement during the Joint Press Statement with
the President of the Republic of Korea
Posted On: 20 APR 2026 6:54PM by PIB Delhi
Your Excellency President Lee,
Distinguished delegates from both countries,
Friends from the media,
Namaskar!
It gives me great pleasure to welcome President Lee on his first visit to India. His life stands as an
inspiring example of resilience, service, and dedication. Each challenge he has faced has further
strengthened his resolve to serve the people. Although this is his first visit to India, his warmth and affinity
for the country has been evident since our very first meeting.
Friends,
This visit of the President of Korea to India, after a gap of eight years, is of great significance. Democratic
values, a market economy, and respect for the rule of law are deeply embedded in the DNA of both our
nations. We also share a common outlook on the Indo-Pacific region. On the basis of these shared
principles, our relationship has become more dynamic and wide-ranging over the past decade.
And today, with President Lee’s visit, we are set to transform this trusted partnership into a futuristic
partnership. From chips to ships, from talent to technology, and from environment to energy, we will
realize new opportunities for cooperation across all sectors. Together, we will ensure the progress and
prosperity of both our nations.
Friends,
Bilateral trade between India and Korea has today reached twenty-seven billion dollars. We have taken
several important decisions today to take this to fifty billion dollars by 2030.
To facilitate financial flows between the two countries, we have launched the India-Korea Financial
Forum. To strengthen business cooperation, we have established an Industrial Cooperation Committee. To
enhance collaboration in critical technologies and supply chains, we are initiating an Economic Security
Dialogue.
To facilitate the entry of Korean companies, especially SMEs, into India, we will also establish a KoreanIndustrial Township. Furthermore, within the next year, we will upgrade the India-Korea Trade
Agreement.
Friends,
Today, we are laying the foundation for the success stories of the next decade. To further deepen our
partnership in AI, semiconductors, and information technology, we are launching the India-Korea Digital
Bridge. We are also signing MoUs in sectors such as shipbuilding, sustainability, steel, and ports.
Through mutual cooperation in culture and the creative industries, we will also set new milestones in film,
animation, and gaming. Today’s Business Forum will serve as a platform to translate these opportunities
into tangible outcomes.
Friends,
India and Korea share cultural ties that go back thousands of years. The story of Princess Suriratna of
Ayodhya and King Kim Suro of Korea, dating back two millennia, is a part of our shared heritage.
Today, K-pop and K-dramas are becoming highly popular in India. Similarly, the recognition of Indian
cinema and culture is growing in Korea as well. We are delighted that President Lee himself is an admirer
of Indian cinema. To further strengthen this cultural connect, we will organize the India-Korea Friendship
Festival in 2028.
At the same time, to further strengthen people-to-people ties, we will also promote cooperation in
education, research, and tourism.
Friends,
In this period of global tensions, India and Korea together convey a message of peace and stability. We are
pleased that today Korea is joining the International Solar Alliance and the Indo-Pacific Oceans Initiative.
Through our shared efforts, we will continue to contribute to a peaceful, progressive, and inclusive Indo-
Pacific.
We also agree that reforms in global institutions are necessary to address contemporary global challenges.
Your Excellency,
Nearly a hundred years ago, India’s great poet, Rabindranath Tagore, referred to Korea as the "Lamp of
the East.” Today, as we work towards realizing our vision of a developed India by 2047, Korea stands as
an important partner in this journey.
Let us, through our partnership, pave the way for the progress and prosperity not only of our two nations,
but of the entire world.
Thank you very much.
*****
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