How are PM Modi and S. Korea's President Lee Deepening Their Strategic Partnership?

Kananaskis, June 18 (NationPress) Prime Minister Narendra Modi and South Korea's President Lee Jae-myung have reaffirmed their dedication to strengthening the strategic partnership between their nations on Tuesday.

The Prime Minister shared on X, "President Lee Jae-myung and I had an excellent meeting in Canada. India and the Republic of Korea aim to collaborate in sectors including commerce, investment, technology, green hydrogen, shipbuilding, and more. @Jaemyung_Lee."

The Prime Minister's Office also posted on X, stating: "Enhancing India-Republic of Korea relations! PM @narendramodi and President @Jaemyung_Lee engaged in a fruitful meeting during the G7 Summit in Kananaskis, Canada. They agreed to bolster cooperation in areas such as trade and commerce, investment, technology, green hydrogen, and more."

The two leaders addressed regional and global matters, as reported by MEA Spokesperson Randhir Jaiswal on X.

PM Modi and President Lee reaffirmed their commitment to furthering the India-South Korea Special Strategic Partnership by exploring new collaboration avenues in trade, economy, and critical technologies, including cultural and people-to-people exchanges, as stated by MEA Spokesperson Jaiswal.

This meeting was one of several discussions PM Modi had with world leaders at the G7 Summit on Tuesday.

During their talks, President Lee expressed his deep condolences for the victims of a recent Indian plane crash, according to the South Korean Presidential Office.

President Lee conveyed his sorrow regarding last week’s Air India crash that resulted in over 240 fatalities, while meeting PM Modi to discuss bilateral cooperation.

Recognizing this year as the 10th anniversary of their special strategic partnership, President Lee expressed his aspirations to elevate bilateral relations across various sectors.

PM Modi expressed gratitude to President Lee for his condolences and conveyed his eagerness to enhance cooperation between the two nations.

India and South Korea share strategic interests in the Indo-Pacific region and face several common challenges.

Last year, bilateral trade approached $27.5 billion.

President Lee noted that approximately 550 Korean companies operate in India and stressed the necessity for increased high-level communication while expanding collaboration in sectors such as the economy, advanced technology, defense, the arms industry, and culture.

Both leaders agreed that people-to-people and cultural exchanges are vital, and they committed to advancing such initiatives, according to the presidential office.

PM Modi extended an invitation to President Lee to visit India, to which the South Korean President expressed his appreciation for the invitation.

South Korea stands as a principal investor in India, with numerous companies engaged in manufacturing across the automotive, electronics, and other industries.

As noted by the Chosun Daily, "South Korea's leading conglomerates are intensifying efforts to expand into India, establishing the country as a pivotal player in the evolving global supply chain."

Furthermore, the report highlights that "India is emerging as a viable alternative to China, particularly in light of escalating trade tensions between Washington and Beijing."

According to Asian Legal Business, Zunu Lee, a partner at South Korean firm Yoon & Yang, remarked, "The alignment between Korea's 'Act Southern' and India's 'Act East' policies has generated new momentum for bilateral economic cooperation."