India and the Republic of Korea (ROK) adopted a Joint Strategic Vision for the India-ROK Special Strategic Partnership to expand bilateral economic ties and security cooperation.

The Ministry of External Affairs (MEA) on Monday confirmed that Prime Minister Narendra Modi and President of the Republic of Korea Lee Jae Myung welcomed the conclusion of a Memorandum of Understanding (MOU) on the India-ROK Industrial Cooperation Committee, which focuses on critical sectors including semiconductors, shipbuilding, secondary batteries, and supply chain resilience for strategic resources.

The bilateral meeting of the two leaders highlighted a significant push for industrial collaboration, specifically addressing the trade of green hydrogen, nuclear power plant projects, and overseas resource development.

The leaders directed their respective ministries to foster a conducive business environment to encourage mutual investment.

To support smaller enterprises, the two sides concluded an MOU on Cooperation in the field of Small and Medium-sized Enterprises (SME) to help businesses navigate and benefit from their respective markets.

"Collaboration between India, a major economy enjoying robust growth in steel industry and the ROK, a technology leader in green steel-making, is of critical importance," the MEA noted.

They agreed to establish an India-ROK Annual Steel Dialogue to boost trade and promote cleaner energy within the sector.

In a major industrial development, the leaders welcomed the signing of an MOU between POSCO and JSW for the establishment of a 6 MMT Integrated Steel Plant in Odisha. Bilateral maritime cooperation emerged as a central pillar of the discussions.

The two sides adopted a Comprehensive Framework for Partnership on Shipbuilding, Shipping and Maritime Logistics. Support was expressed for several business-to-business collaborations for shipyard development and port operations in India.

"India's Maritime Amrit Kaal vision has unleashed new opportunities for long-term and strategic bilateral collaboration with the ROK, a leading shipbuilding and maritime nation," the MEA stated.

As part of this maritime push, the opening of the Korea Marine Equipment Association (KOMEA) office in Mumbai was welcomed as a step toward developing an ancillary ecosystem for the industry.

On the trade front, the leaders decided to resume and expedite negotiations to upgrade the Comprehensive Economic Partnership Agreement (CEPA).

In the financial sector, the National Payment Corporation of India Limited (NPCIL) and the Korea Financial Telecommunications and Clearings Institute (KFTC) signed an MOU for the phased integration of digital payment systems. This move aims to enhance interoperability between the Unified Payments Interface (UPI) and Korean systems.

The leaders also noted the interest of the Korea Development Bank to open an office in India and invited the National Pension Service of the ROK to explore similar opportunities.

Technological cooperation was further solidified through the launch of the India-Korea Digital Bridge, focusing on artificial intelligence and data governance.

In the defence sector, both nations agreed to reinvigorate the 2020 Roadmap to Defence Industry Cooperation, specifically noting the progress of K9-Vajra howitzers and the launch of the 'Korea-India Defence Accelerator' (KIND-X) to connect start-ups and researchers.

Space agencies ISRO and KASA also initiated a Joint Working Group to explore satellite navigation and startup collaboration following an India-ROK Space Day held in Bengaluru on April 20.

At the invitation of Prime Minister Narendra Modi, President of the Republic of Korea Lee Jae Myung paid a State Visit to India from 19 - 21 April, 2026, marking the earliest visit to India by a Korean President after assuming office.

President Lee Jae Myung was accompanied by a high-level delegation including Ministers, Senior Officials and leading CEOs of Korean Companies.

The two leaders held a friendly, fruitful and forward-looking bilateral meeting on 20th April 2026 in New Delhi. They underscored their respective Governments' commitment to work together in concrete ways in multiple domains to bring lasting prosperity, peace and progress to their peoples and to foster meaningful cooperation among them in a turbulent and fast-changing world.

They announced the Joint Strategic Vision for implementing and adding further content to the India-ROK Special Strategic Partnership in the next five years (2026-2030).
Source: ANI