Modi extends wishes to S Korean Prez as both countries celebrate 50 yrs of diplomatic ties

NEW DELHI: Prime Minister Narendra Modi extended his wishes to South Korean President Yoon Suk Yeol on Sunday as both countries celebrated 50 years of diplomatic ties. He further emphasised that India and South Korea have mutual respect, shared values and growing partnerships.

PM Modi took to his social media X, and said, "We are celebrating 50 years of establishment of diplomatic ties between India and Republic of Korea today. It has been a journey of mutual respect, shared values and growing partnerships."

"I extend warm wishes to @President_KR Yoon Suk Yeol and look forward to working closely with him to deepen and expand our Special Strategic Partnership," PM Modi added on X.

Earlier in September, the country's envoy Chang Jae-bok announced that South Korea will provide USD 4 billion to India as a line of credit over the next three years for "high-value" projects.

Addressing a press conference, the envoy told reporters that President Yoon Suk Yeol and Prime Minister Narendra Modi had a discussion on the matter during their bilateral meeting on the sidelines of the G20 summit.

Sharing details of the meeting, the envoy said the two leaders agreed to improve strategic communication and cooperation. South Korea will provide the loan under the Economic Development Cooperation Fund (EDCF). South Korea announced this fund in 1987 to promote economic cooperation with developing countries.

PM Modi and President Yoon also agreed to strengthen space development cooperation. The envoy informed that two leaders were scheduled to speak for 20 minutes but the discussion stretched to over 40 minutes. President Yoon and Prime Minister Modi agreed to improve strategic communication and cooperation. Our countries are co-partners in the Indo-Pacific region," he informed reporters.