India looking to advance mutually beneficial trade relations with South Korea: President Murmu

New Delhi: President Droupadi Murmu on Monday said that India looks forward to advancing mutually beneficial trade relations and strengthening cooperation with South Korea in areas such as artificial intelligence (AI), semiconductors, electronics and tourism.

She emphasised that both nations should explore opportunities for cooperation in green and clean energy, as well as other climate technologies, to secure a sustainable future for humanity.

Welcoming South Korean President Lee Jae Myung on his first visit to India, Murmu appreciated him for his significant contributions to strengthening India-Korea bilateral relations, particularly as chair of the Korea-India Parliamentary Friendship Group.

Earlier in the day, the President received her South Korean counterpart at the Rashtrapati Bhavan and also hosted a banquet in his honour.

She said that this visit, within the first year of his presidency, reflects the importance he attaches to the relationship between the two nations.

Murmu noted that India looks forward to advancing mutually beneficial trade relations and strengthening cooperation with Korea in areas such as AI, semiconductors, electronics, clean energy, services and tourism, according to a statement issued by the Rashtrapati Bhavan.

The President said that India has skill, speed, and scale, while Korea has expertise in high-tech manufacturing. "By combining our strengths, we can create numerous opportunities for our youth," she said.

Murmu stated that both India and Korea are vibrant democracies that share common values.

The President was happy to note that both sides have set an ambitious agenda for bilateral cooperation across several sectors, including shipbuilding, port development, digital cooperation, small and medium enterprises, steel, education, research, culture, and people-to-people contacts.

She also noted that both sides have adopted a Joint Declaration to resume negotiations on the Comprehensive Economic Partnership Agreement (CEPA).

The two leaders agreed that close cooperation between India and South Korea can bring immense benefits to our people, and both have much to learn from each other. "Our people can benefit by working together in areas such as environment, innovation, education, skill development, and technology," Murmu said.

Following talks between Prime Minister Narendra Modi and South Korean President Myung, the two sides inked 15 agreements, including one to set up an industrial cooperation framework and another on the steel supply chain to ramp up the overall trajectory of ties.

India and South Korea on Monday also pledged to nearly double their annual trade to USD 50 billion by 2030 and committed to upgrading their comprehensive economic partnership pact within the next year, as Modi noted that both nations radiate a message of peace and stability amid the current global tension.