NEW DELHI — India and South Korea have signed a memorandum of understanding aimed at strengthening cooperation in the micro, small, and medium enterprises (MSME) sector, marking a step forward in expanding bilateral economic ties during South Korean President Lee Jae Myung’s visit to India.
The agreement was signed between India’s Ministry of Micro, Small, and Medium Enterprises and South Korea’s Ministry of SMEs and Startups, according to an official statement released Tuesday.
The pact establishes a structured framework for collaboration between the two ministries, enabling continued dialogue on MSME-related issues and opening the door to new opportunities for cooperation.
Officials said the agreement is designed to deepen understanding of each country’s MSME ecosystem while encouraging stronger engagement between businesses and stakeholders.
The initiative aims to boost trade and investment by promoting the exchange of information and experts, sharing best practices, facilitating business matchmaking, and advancing technical and economic collaboration. It also supports joint efforts to strengthen linkages between MSMEs in both countries.
The signing comes as India and South Korea look to expand broader economic cooperation. The two countries also exchanged a joint declaration to resume negotiations on upgrading their Comprehensive Economic Partnership Agreement, as well as advancing the Framework for the India-Korea Digital Bridge.
The announcements followed talks between Prime Minister Narendra Modi and President Lee in New Delhi on Monday.
In a press statement, Modi said the partnership reflects a shared commitment to peace and stability amid global tensions.
“In this era of global tension, India and Korea together convey a message of peace and stability,” he said.
He added that both nations aim to contribute to a peaceful, progressive, and inclusive Indo-Pacific region through closer cooperation.
Modi also highlighted plans to deepen collaboration in emerging sectors such as artificial intelligence, semiconductors, and information technology, saying the India-Korea Digital Bridge would help transform the relationship into a more forward-looking partnership.
He said the two countries are laying the groundwork for economic cooperation that could define the next decade. (Source: IANS)
