Honorable Prime Minister Narendra Modi and the people of India,

I extend my sincere gratitude for the gracious invitation extended to me and my delegation, and for the warm hospitality we have received.

It is a great honor and pleasure to visit India – the world’s largest democracy and the most dynamic engines of growth – as President of the Republic of Korea. This is the first state visit to India by a Korean President in eight years, and I have chosen to undertake it earlier in my term than any of my predecessors – reflecting on the importance I attach to our partnership.

Since establishing diplomatic relations in 1973, Korea and India have achieved remarkable progress. Milestones as the conclusion of the Korea–India Comprehensive Economic Partnership Agreement (CEPA) in 2010 and the elevation of our ties to a Special Strategic Partnership in 2015 stand as a testament to our shared commitment.

Today, we stand ready to embark on another ten years of this Special Strategic Partnership with renewed ambitions.

During our summit today, Prime Minister Modi and I engaged in in-depth discussions not only on the future direction of our bilateral relations but also on regional and international developments.

As the world’s most populous country and the fourth-largest economy, India is emerging as a leading voice of the Global South, advancing with remarkable momentum under the Prime Minister’s national vision of Viksit Bharat 2047.

Likewise, the Republic of Korea is establishing itself as a global leader across sectors, including shipbuilding, semiconductors, the defense industry and cultural industries. We are accelerating innovation and growth to achieve a great national leap forward where all citizens grow together.

The Prime Minister and I shared the view that, in these uncertain times, Korea and India are well positioned to become ideal partners for comprehensive cooperation that fosters mutual growth and innovation.

In line with this, we agreed to further advance our economic cooperation, while expanding collaboration in shipbuilding, finance, artificial intelligence, national defense, the defense industry and other strategic areas. We also committed to further strengthening our cultural and people-to-people exchanges.

Allow me now to outline the key outcomes of today’s summit.

First, we agreed to upgrade the framework for economic cooperation between our two countries to generate new momentum for shared growth.

We agreed to establish the “Korea–India Industrial Cooperation Committee,” our countries’ first ministerial-level platform dedicated to economic cooperation. Through this committee, we will strengthen bilateral collaboration not only in trade and investment but also in strategic sectors such as critical minerals, nuclear energy and clean energy.

In light of recent developments in the Middle East, we will continue to strengthen bilateral cooperation to ensure a stable supply of energy resources and key raw materials, including naphtha.

We agreed to expedite negotiations on upgrading the Korea–India CEPA, with the aim of fostering a more favorable trade and investment environment for Korean businesses. The upgraded agreement will fully reflect new trade norms, enabling our two countries to respond in a timely manner to evolving trade conditions, including in such areas as supply chains and the green economy.

Moreover, we will amend the MOU on cooperation in the field of small and medium-sized enterprises to establish a working-level consultative body between the Korean Embassy in India and India’s regulatory authorities, thereby enhancing systematic support for Korean SMEs entering the Indian market.

In this way, our two countries will make every effort to expand bilateral trade from its current level of approximately US$25 billion annually to US$50 billion by 2030, and to further strengthen Korea–India economic cooperation across key sectors.

Second, we agreed to expand cooperation in strategic industries that leverages our two countries’ respective strengths.

In the shipbuilding sector, we will work together to ensure that Korean companies’ advanced technological expertise can benefit from the policy support of India’s central and local governments, for instance, regarding the construction of shipbuilding facilities, guaranteed placement of shipbuilding orders and production subsidies. Through this partnership, Korean firms will be able to explore new opportunities in India’s shipbuilding market.

As for the financial sector, through the MOU on cooperation between financial authorities, we plan to lay the groundwork for Korean financial institutions to enter India’s financial market, which has grown to become the world’s third-largest.

We also agreed to strengthen cooperation in financial services and fintech, while sharing information related to the eligibility assessments required for financial institutions to enter one another’s markets.

Through the “Framework for the Korea-India Digital Bridge” we plan to build a foundation for AI and digital cooperation between India – a global hub of AI talent – and the Republic of Korea, which is home to world-class AI infrastructure.

Third, we agreed to further expand cultural and people-to-people exchanges.

Based on the MOU on cooperation in cultural and creative industries, we agreed to establish a “Mumbai Korea Center”, which will serve as a permanent K-pop performance hall and an overseas hub for K-culture. We look forward to it becoming a new platform for cultural cooperation – a place where K-pop and Bollywood come together.

Korean language and Korean studies programs offered by the Korea Foundation and the Korean Education Center in India will be expanded in a bid to actively respond to the growing demand for Korean culture in India.

Notably, through the MOU on interlinking QR code-based payment systems, our citizens will be able to use their own local QR payment system when visiting one another’s country. We expect that this will make travel between our two countries much more convenient.

Finally, we decided to continue close coordination to promote regional peace and address pending global challenges.

We exchanged views on the latest developments in the Middle East and shared the view that the restoration of peace and stability to the region is critical to global security and the economy.

In addition, I explained our government’s efforts to build peace on the Korean Peninsula and expressed my appreciation for the Indian government’s consistent support.

I look forward to India continuing to play a constructive role in promoting peace on the Korean Peninsula and in the region.

Building on the achievements of today’s summit, we adopted the Joint Strategic Vision for the ROK-India Special Strategic Partnership. I hope that follow-up measures are implemented swiftly so that tangible benefits accrue to the people of both countries.

I am confident that my state visit will further deepen trust and friendship between our two countries and serve as a catalyst for a new leap forward in comprehensive cooperation.

Prime Minister Modi committed, while ascending steps earlier, to visiting Korea by no later than next year. I sincerely appreciate this commitment.

I look forward to Prime Minister Modi’s visit to Korea and hope to maintain our close communication through various future opportunities.

Once again, I extend my sincere gratitude for the warm hospitality.

Dhanyawad!