New Delhi, April 20 (NationPress) On Monday, Prime Minister Narendra Modi emphasized that India and South Korea possess a shared vision for the Indo-Pacific and will persist in their efforts towards fostering a peaceful, progressive, and inclusive region. He highlighted that both countries send a strong message of peace and stability in the face of global challenges.

During a joint press conference with South Korean President Lee Jae Myung after their discussions in New Delhi, PM Modi expressed that both nations concur on the necessity for reform in global institutions to tackle worldwide issues.

"In this time of global unrest, India and Korea unite in delivering a message of peace and stability. We are thrilled that today, (South) Korea is joining the International Solar Alliance and the Indo-Pacific Oceans Initiative. Through our collaborative efforts, we will continually strive for a peaceful, progressive, and inclusive Indo-Pacific region. Furthermore, we recognize that reforming global institutions is vital to addressing global challenges," stated PM Modi.

In a warm welcome to President Lee, PM Modi remarked, "I am elated to have President Lee visit India for the first time. His life exemplifies struggle, service, and commitment. Each challenge has only fortified his dedication to serving the populace. Although this marks his inaugural visit to India, his affinity for our country has been apparent since our first encounter."

He pointed out that India and South Korea aim to elevate their "trusted partnership into a forward-looking alliance" through President Lee's visit, noting the dynamic and comprehensive nature of their ties over the past decade.

"President Lee's visit to India, following an eight-year interval, holds significant importance. Our two nations are rooted in democratic values, market economies, and respect for the rule of law. Our shared vision for the Indo-Pacific further strengthens our relationship. Over the last ten years, our relations have evolved into a more dynamic and comprehensive partnership. Today, with President Lee's visit, we are set to transform this trusted relationship into one focused on the future, unlocking new avenues for collaboration across various fields—from chips to ships, talent to technology, and environment to energy—ensuring mutual progress and prosperity," PM Modi added.

Additionally, PM Modi announced the establishment of an Industrial Cooperation Committee to bolster business collaboration. He noted that India and South Korea will initiate an Economic Security Dialogue aimed at enhancing cooperation in critical technologies and supply chains.

"Currently, bilateral trade between India and Korea stands at $27 billion. We have made crucial decisions to elevate this figure to $50 billion by 2030. To facilitate financial transactions between our nations, we have launched the India-Korea Financial Forum. Furthermore, to enhance business cooperation, we have created an Industrial Cooperation Committee. We are also starting the Economic Security Dialogue to boost collaboration in critical technologies and supply chains. To support the entry of Korean companies, especially small and medium-sized enterprises, into India, we plan to establish Korean Industrial Townships. Additionally, within the next year, we will upgrade the India-Korea Trade Agreement," PM Modi announced.

Highlighting the rich cultural connections between the two nations, PM Modi revealed plans for a Friendship Festival in 2028 to deepen their cultural ties.

"India and Korea have shared cultural connections that date back thousands of years. The tale of Princess Suriratna of Ayodhya and King Kim Suro of Korea is part of our common heritage. Today, K-pop and K-dramas are gaining immense popularity in India, and Indian cinema is increasingly recognized in Korea. We are pleased that President Lee shares an appreciation for Indian cinema. To fortify this cultural bond, we will host the India-South Korea Friendship Festival in 2028," he concluded.