NEW DELHI: Prime Minister Narendra Modi on Monday India-South Korea ties as New Delhi and Seoul signed several MoUs aimed at deepening bilateral cooperation.During a joint press statement, PM Modi said Korean President Lee Jae Myung visit is a crucial step towards a more advanced bilateral framework. “I am delighted to welcome President Lee on his first visit to India. President Lee’s life is an inspiring example of struggle, service, and dedication. Every challenge has only strengthened his resolve to serve the people. Although this is his first visit to India, his affinity for India has been evident since our very first meeting,” PM Modi said.“This visit of the President of Korea to India is extremely important. Democratic values, market economy, and respect for the rule of law are in the DNA of both our countries. We also have a common outlook in the Indo-Pacific region,” he added.The Prime Minister also said that partnership between both the nations is now moving towards a more advanced phase“Based on all this, our relations have become more dynamic and comprehensive over the last decade, and today, with President Lee’s visit, we are going to transform this trusted partnership into a futuristic partnership. We will realise new opportunities for cooperation in every field, from chips to ships, talent to technology, environment to energy, and together ensure the progress and prosperity of both countries,” he said.Meanwhile, South Korean President Lee Jae Myung said that both the countries aim to increase the “current USD 25 billion level of annual trade volume between India and South Korea to around USD 50 billion by 2030.”“In the era of uncertainty, we share our view that India and Korea can be the most ideal partners for comprehensive cooperation to promote mutual growth and innovation. We have also agreed to enhance cooperation in strategic industries, including shipbuilding, AI, finance, and defence and promote culture and people-to-people exchanges,” he added.The two sides also resolved to work together to ensure peace and stability in the Indo-Pacific region.“Following President Lee’s visit, we are going to transform our trusted collaboration into a futuristic partnership,” Modi said.The bilateral trade and economic relations gathered momentum following the implementation of the Comprehensive Economic Partnership Agreement (CEPA) in 2010.“From chips to ships, talent to technology, entertainment to energy, we will realise new opportunities for cooperation in every sector,” he added.The prime minister said both sides will continue to work towards an inclusive Indo-Pacific.“Through our shared efforts, we will continue to contribute to a peaceful, progressive, and inclusive Indo-Pacific,” he said.The talks also focused on enhancing ties in areas of trade, investments, AI, semiconductors, critical and emerging technologies and people-to-people connect.