New Delhi/Johanessburg , 22 November (H.S.): Prime Minister Narendra Modi and President Lee Jae-myung of the Republic of Korea held a pivotal meeting on Saturday on the sidelines of the Johannesburg G20 Summit, reaffirming their commitment to the nations' Special Strategic Partnership.The leaders focused on bolstering economic and investment connections, marking their second meeting this year.
Prime Minister Modi described the interaction as wonderful, emphasizing the strong momentum in the bilateral relationship. He stated, We exchanged perspectives to further deepen our economic and investment linkages.
This meeting underscores a shared resolve to expand cooperation in critical areas such as trade, investment, and emerging technologies.
The India-South Korea Special Strategic Partnership, established in 2015, has been a cornerstone of their bilateral relations. The economic pillar of this partnership is particularly robust, with a bilateral trade target of $50 billion by 2030.
The Comprehensive Economic Partnership Agreement (CEPA) has been instrumental in this growth, facilitating the reduction or elimination of tariffs on a wide range of goods between the two countries.
Investment remains a key area of focus, with South Korea being a significant foreign direct investment (FDI) contributor to India. The two nations are exploring joint initiatives in high-growth sectors, including electronics, electric vehicle components, and secure digital supply chains.
Furthermore, a substantial financial package of $10 billion from South Korea is designated for infrastructure projects in India, covering smart cities, railways, and power generation.
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Hindusthan Samachar / Jun Sarkar
