India and South Korea agreed to expand cooperation across multiple strategic and economic sectors following high-level bilateral talks between Prime Minister Narendra Modi and South Korean President Lee Jae-myung.
During the discussions, both sides decided to strengthen partnerships in semiconductor chip manufacturing and shipbuilding, identifying these as key strategic industries. The agreements aim to advance technological and industrial collaboration between the two countries.
The two governments also concluded a memorandum of understanding on electronic payments, enabling citizens of India and South Korea to use QR code-based payment systems while traveling in each other’s countries. The arrangement is intended to reduce reliance on cash and foreign currency for international travelers.
Under the integrated payment framework, travelers will be able to make transactions using local QR code systems in both countries. The initiative is expected to facilitate tourism, trade, and student exchanges. President Lee Jae-myung described the agreement as a significant step in digital cooperation that will simplify travel and enhance convenience.
Both countries agreed to broaden cooperation beyond trade to include multiple sectors, including semiconductor and chip manufacturing, shipbuilding, artificial intelligence and digital technology, energy and defense, and entertainment and cultural collaboration.
India and South Korea also agreed to initiate formal discussions to further strengthen the Comprehensive Economic Partnership Agreement (CEPA), which came into force in 2010. The agreement has contributed to increased trade and investment between the two countries, and both sides plan to expand its scope in line with current global conditions.
Prime Minister Narendra Modi stated that cooperation between India and South Korea is important for stability and peace in the current global geopolitical environment. Both countries expressed a joint commitment to maintaining peace, ensuring stability, and promoting inclusive development in the Indo-Pacific region.
The talks also focused on emerging technologies, including artificial intelligence, the semiconductor industry, digital payment systems, and other critical and emerging technologies. Both sides emphasized enhancing people-to-people connectivity to support education, tourism, and cultural exchanges.
