India, South Korea sign pact to boost MSME ties​

India and South Korea signed an MoU between MSME ministries to boost cooperation, trade, and innovation in the sector during President Lee Jae Myung’s visit. The pact aims to strengthen MSME linkages, investment, and digital economic collaboration

New Delhi: India and South Korea have signed a Memorandum of Understanding to bolster cooperation in the Micro, Small, and Medium Enterprises sector as part of efforts to strengthen bilateral economic ties during President Lee Jae Myung’s visit to India.​

The Memorandum of Understanding 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 issued on Tuesday.​

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The Memorandum of Understanding establishes a structured framework for collaboration between the two Ministries, enabling sustained dialogue on key issues related to Micro, Small, and Medium Enterprises and facilitating the exploration of mutually beneficial opportunities.​

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.​

It also supports joint initiatives to strengthen linkages between Micro, Small, and Medium Enterprises of both countries.​

This partnership marks a significant step towards deepening India–Korea economic cooperation and underscores the shared commitment to empowering Micro, Small, and Medium Enterprises as key drivers of inclusive growth, innovation, and employment generation, the statement said.​

India and South Korea have exchanged a joint declaration to resume negotiations to upgrade the Comprehensive Economic Partnership Agreement and the Framework for the India-Korea Digital Bridge.​

These were signed and exchanged after the talks between PM Modi and the President of South Korea, 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 said that, through shared efforts, both India and Korea will continue to contribute towards a peaceful, progressive, and inclusive Indo-Pacific.​ The Prime Minister said that both nations are laying the foundation for the success stories of the next decade.​

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.​

 

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