New Delhi, April 20 (NationPress) South Korean President Lee Jae Myung stated on Monday that he and Prime Minister Narendra Modi concur that India and South Korea are positioned to be ideal partners for extensive collaboration aimed at fostering mutual growth and innovation.

During a joint press conference in New Delhi following their discussions, President Lee revealed that both nations have decided to enhance their economic cooperation framework to introduce new catalysts for shared growth. He announced the formation of an industrial cooperation committee, which will serve as the inaugural ministerial platform for economic collaboration, designed to fortify trade and investment ties in vital sectors like critical minerals, nuclear energy, and clean energy.

"In this period of hyper uncertainty, we are united in our belief that Korea and India can serve as optimal partners for comprehensive collaboration to boost mutual growth and innovation. As we advance our existing economic ties, we have also resolved to broaden our cooperation in strategic sectors such as shipbuilding, finance, AI, and defense, alongside promoting cultural and interpersonal exchanges," he remarked.

The South Korean leader expressed his appreciation to PM Modi for the invitation to India and the warm welcome given to him and his delegation. "India stands as the world’s largest democracy and is experiencing the most dynamic growth. I am thrilled to visit your country for the first time in eight years as President of the Republic of Korea and since taking office," he said.

He highlighted the significant progress in bilateral relations, marked by the signing of a comprehensive economic partnership agreement in 2010 and the elevation of ties to a special strategic partnership in 2015. "We are now entering a new decade of this special strategic partnership. Today, the Prime Minister and I engaged in thorough discussions regarding the enhancement of our relations and shared perspectives on regional and global issues," he noted.

Additionally, he acknowledged India’s rise as a leader of the Global South and praised the nation's impressive progress under the Viksit Bharat 2047 vision.

"With the largest population and the fourth-largest economy globally, India has emerged as a leader in the Global South. Under your Viksit Bharat 2047 vision, this nation is achieving extraordinary development. Meanwhile, the Republic of Korea has also become a leader in chip manufacturing, semiconductors, and cultural industries, and we are driving innovation and growth to ensure that every Korean can thrive collectively," stated President Lee.

Lee Jae Myung conveyed gratitude to the Indian government for its unwavering support toward peace on the Korean Peninsula, expressing hope that India will continue to play a constructive role in this effort.

He mentioned, "We have agreed to maintain close cooperation in addressing regional peace and global issues. Prime Minister Modi and I shared insights on recent developments in the Middle East, agreeing that restoring stability and peace in that region is vital for global security and economic health. I also briefed the Prime Minister on the Korean government's initiatives for peace on the Korean Peninsula and expressed our appreciation for India's consistent support in this regard. Korea anticipates India's ongoing constructive role in promoting peace in the peninsula and the surrounding region."

Furthermore, he emphasized that India and South Korea will continue their collaboration to ensure a stable supply of energy resources and essential commodities like NAFTA. President Lee disclosed that he and PM Modi agreed to expedite negotiations to enhance the Comprehensive Economic Partnership Agreement (CEPA), aiming to establish better trade and investment conditions for businesses in both countries and effectively adapt to new trade norms to respond to the evolving landscape concerning supply chains and green growth.