New Delhi, April 20: In a significant bilateral meeting with South Korean President Lee Jae-myung, Prime Minister Narendra Modi highlighted the need to elevate the India-South Korea economic partnership. He emphasized that collaboration between the two nations will play a crucial role in enhancing trade, supply chains, and opportunities for youth.
Prime Minister Modi shared insights on social media, stating, “The dialogue among India-South Korea business leaders has unveiled immense potential in our economic partnership across various sectors. Our collaboration can accelerate growth and prosperity in both countries.”
He further noted, “Our primary focus is on strengthening supply chains, supporting future-ready sectors, and creating opportunities for our youth.”
During the meeting, President Lee and Prime Minister Modi planted a sapling of the state tree of Uttar Pradesh, the Sita Ashoka, as part of the “One Tree for Mother” campaign in Delhi.
The discussions also covered partnerships in shipbuilding, shipping, and maritime logistics, with both parties engaging in meaningful dialogue about mutually beneficial cooperation between their government agencies and private sectors.
Both India and South Korea boast rich maritime traditions, sharing extensive interests and complementary strengths in the maritime industry. With India’s rapid economic growth and internationalization, the maritime sector is vital for the country’s security and prosperity.
The two sides acknowledged that the ‘Maritime Amrit Kaal 2047 Vision’ has created numerous long-term collaboration opportunities with friendly nations like South Korea. Given South Korea’s advanced shipbuilding and maritime capabilities, both countries can work together in shipbuilding, port development, and maritime logistics. This collaboration promises not only economic benefits but also a stronger understanding and partnership between their peoples.
The Indian delegation informed South Korea of the significant opportunities for establishing large-scale new (greenfield) shipbuilding clusters in India. The government is offering various incentives and support through its ‘Shipbuilding Development Plan’ along with state governments and Indian financial institutions.
India invited major South Korean shipbuilding companies to participate as technical and strategic partners in these projects, leveraging their expertise in design, production, advanced manufacturing, quality, and safety. The South Korean side expressed optimism that participation from the business sector would further enhance this collaboration.
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