As part of initiatives to improve bilateral economic relations during President Lee Jae Myung‘s trip to India, India and South Korea have signed a Memorandum of Understanding to promote collaboration in the Micro, Small, and Medium Enterprises sector.

According to an official statement released on Tuesday, the Memorandum of Understanding was signed between the Ministry of Micro, Small, and Medium Enterprises of India and the Ministry of SMEs and Startups of South Korea.

The Memorandum of Understanding creates a well-organized framework for cooperation between the two Ministries, allowing for ongoing discussion on important issues pertaining to micro, small, and medium-sized enterprises and fostering the investigation of opportunities that are advantageous to both parties.

The Micro, Small and Medium Enterprises Ministry’s statement said that its goal is to foster a greater understanding of each other’s Micro, Small, and Medium Enterprises ecosystems and improve interaction between stakeholders.

By facilitating cooperation through the exchange of information and experts, sharing of best practices, business matchmaking, and technical and economic collaboration, the agreement seeks to promote trade and investment. ​

It seeks to promote a deeper understanding of each other’s Micro, Small and Medium Enterprises ecosystems and enhance engagement between stakeholders, the statement issued by the Micro, Small and Medium Enterprises Ministry said.​

The agreement aims to boost trade and investment by fostering cooperation through the exchange of information and experts, sharing of best practices, business matchmaking, and technical and economic collaboration.​

Additionally, it promotes collaborative programs aimed at improving ties between the Micro, Small, and Medium-sized Businesses of both nations. The statement said that this alliance represents a major advancement in strengthening economic ties between India and Korea and highlights the shared dedication to empowering Micro, Small, and Medium Enterprises as essential facilitators of inclusive growth, innovation, and job creation.

In order to resume discussions on improving the Comprehensive Economic Partnership Agreement and the Framework for the India-Korea Digital Bridge, India and South Korea have issued a joint statement.

Following the discussion between Prime Minister Modi and South Korean President Lee Jae Myung in this location on Monday, these were signed and exchanged.

PM Modi stated in his press statement that India and Korea together send a message of peace and stability during this time of global conflict. ​

These were signed and exchanged after talks between PM Modi and South Korea’s President Lee Jae Myung here on Monday.​

In his press statement, PM Modi said that in this era of global tension, India and Korea together convey a message of peace and stability.​

He predicted that India and Korea will keep working together to promote an Indo-Pacific that is peaceful, inclusive, and progressive. The Prime Minister stated that both countries are building the groundwork for the success stories of the next decade.

He said that the India-Korea Digital Bridge is being established as the two nations shift their reliable collaboration toward a more futuristic one to foster stronger ties in semiconductors, artificial intelligence, and information technology. ​

He said that, to further deepen partnerships in artificial intelligence, semiconductors, and information technology, the India-Korea Digital Bridge is being launched as the two countries transform their trusted partnership into a futuristic one.