Noting that India considers South Korea a "crucial partner" in its economic modernisation, Modi said South Korea can be a leading partner in India's efforts to develop a world class manufacturing sector.
India and South Korea on Monday agreed to upgrade their ties to 'Special Strategic Partnership' and deepen cooperation in defence sector as the two sides signed seven agreements including on avoidance of double taxation.
"We have agreed to upgrade the bilateral relationship to 'Special Strategic Partnership'," Modi said at a joint press interaction with South Korean President Park Geun-hye after their "excellent" talks.
"We have laid the foundation for a relationship that two major Asian countries with shared values should have," he said, adding that decisions made today reflect how seriously the two countries take the new framework of the relationship.
Latest updates
14:15 IST Monday, 18 May 2015
PM Modi speaks at Joint Press Meet
* The visit to Korea has just begun but it is already very productive.
* We will also establish a channel – Korea Plus – to facilitate their investment and operations in India.
* President Park & I see vast opportunities for Korean companies to participate in our ‘Make in India’ Mission.
* I am pleased that we have agreed to upgrade the bilateral relationship to ‘Special Strategic Partnership
* We consider Korea a crucial partner in India's economic modernisation
* Korea's rapid progress has made the vision of an Asian century stronger
* Korea's economic rise had left me deeply impressed
* I am pleased to visit Republic of Korea in the first year of my Government
* Great pleasure to visit Republic of Korea. I sincerely thank President Park for the warm welcome and hospitality
15:12 IST Monday, 18 May 2015
7 Bilateral Agreements signed in areas ranging from taxation to transport.
12:30 IST Monday, 18 May 2015
PM Modi and President Park Geun-hye meet in Seoul.
12:30 IST Monday, 18 May 2015
Official Welcoming Ceremony in honour of the PM in Seoul at the President's Official Residence, Cheong Wa Dae
10:55 IST Monday, 18 May 2015
PM Narendra Modi addresses Indian Community in Seoul
* Development is not about big roads & buildings. It's about a change in quality of life. For instance,I want every home to have a toilet.
* The path is tough but we have embraced that path. The solution to all problems is development.
* Today people are excited to come to India. This is the mood that has changed. And after all, the people make the Nation.
* In the last one year the world's perception about India has changed. India is being seen as the fastest growing economy of the world.
* I am starting my visit to Korea by meeting all of you.
8:14 IST Monday, 18 May 2015
PM Modi pays his tributes.
7:40 IST Monday, 18 May 2015
To address a community
Modi will address a community reception where about 1,500 members of the Indian community are expected to attend before getting into talks with the Korean President.
To address Korea CEOs Forum
Modi, who is keen to woo Korean investments in India, will address India-Republic of Korea CEOs Forum, which would also be attended by the Korean President.
The Prime Minister will follow this up with meetings with some of the heads of Korean companies that are willing to invest in India or have already invested in India.
Modi will visit Hyundai Heavy Industries
Modi will also visit the Hyundai Heavy Industries shipyard in the backdrop of shipbuilding emerging as an important area of cooperation between the two countries.
Bilateral Trade and Investment
Considerable significance is being attached to this visit, the first state visit to be exchanged between India and South Korea since the change of government in India in May last year.
Bilateral trade is about USD 16 billion and the two sides are keen to see that it goes up substantially. There are 300 Korean companies which have invested about USD 3 billion in India. They employ about 40,000 workers in India.
India's investment in South Korea is close to USD two billion. Indian companies are looking forward to greater access in Korea to pharmaceutical and IT products.
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