Kananaskis: Prime Minister Narendra Modi and South Korean President Lee Jae-myung reaffirmed their commitment to strengthening the strategic partnership between India and South Korea on Tuesday during a bilateral meeting held on the sidelines of the G7 Summit in Kananaskis, Canada.

In a post on X, Prime Minister Modi stated: “President Lee Jae-myung and I had a very good meeting in Canada. India and the Republic of Korea seek to work together in sectors like commerce, investment, technology, green hydrogen, shipbuilding and more. @Jaemyung_Lee.”

The Prime Minister’s Office added on X: “Boosting India-Republic of Korea relations! PM @narendramodi and President @Jaemyung_Lee of the Republic of Korea had a productive meeting on the sidelines of the G7 Summit in Kananaskis, Canada. They agreed to strengthen cooperation in areas such as trade and commerce, investment, technology, green hydrogen and more.”

Ministry of External Affairs (MEA) Spokesperson Randhir Jaiswal, in a post on X, stated that the two leaders also discussed key regional and global matters. They reaffirmed the commitment to deepening the India-South Korea Special Strategic Partnership, particularly by exploring new opportunities for cooperation in trade, economy, critical and emerging technologies, culture, and people-to-people (P2P) exchanges.

The meeting with President Lee was part of a series of high-level bilateral engagements that Prime Minister Modi conducted on the sidelines of the G7 Summit.

According to the South Korean Presidential Office, President Lee conveyed his “deep condolences” to the victims of the recent Indian air crash that claimed more than 240 lives. He expressed these sentiments during his talks with PM Modi and used the opportunity to underline South Korea’s solidarity with India.

Noting that 2025 marks the 10th anniversary of the Special Strategic Partnership between the two countries, President Lee expressed hope for taking bilateral ties to a new level “across the board.”

PM Modi expressed his gratitude for the condolences and reiterated India’s intention to expand cooperation across diverse sectors with South Korea.

India and South Korea share growing strategic interests in the Indo-Pacific, a region where both nations face overlapping geopolitical challenges and opportunities.

Bilateral trade between the two countries stood at approximately $27.5 billion last year. President Lee pointed out that over 550 Korean companies are currently operating in India, and emphasised the importance of increasing high-level diplomatic communication while boosting collaboration in areas such as economy, advanced technology, defence, arms manufacturing, and culture.

The South Korean Presidential Office noted, “The two leaders shared the view that people-to-people and cultural exchanges are crucial and agreed to continue advancing such exchanges.”

Prime Minister Modi extended an invitation to President Lee to visit India, which was warmly acknowledged, the statement added.

South Korea is among the top investors in India, with its leading conglomerates maintaining substantial manufacturing operations in the automobile, electronics, and heavy industry sectors.

As reported by Chosun Daily, “South Korea’s major conglomerates are ramping up efforts to expand into India, positioning the country as a key player in the evolving global supply chain.”

With ongoing trade tensions between the US and China, Chosun Daily observed, “India is emerging as a viable alternative to China.”

Asian Legal Business quoted Zunu Lee, a partner at leading South Korean law firm Yoon & Yang, saying, “The alignment between Korea’s ‘Act Southern’ and India’s ‘Act East’ policies has created new momentum for bilateral economic cooperation.”