Modi wants Korea to be India's strategic partner in economic development and defence sector

He also urged South Korea to support participation of Korean countries in the defence sector in India.

"We consider Korea a crucial partner in India's economic modernization," Modi said at a press briefing with South Korea President Park Geun-hye.

"I am here at a time of renewed momentum in the Indian economy. We are pursuing a comprehensive programme of economic modernization that covers all sectors of our economy and all aspects of policies and procedures. "

"We have a special focus on infrastructure and developing a world class manufacturing sector. Korea can be a leading partner in this enterprise," the PM said.

"I have requested President Park to support the participation of Korean companies in the defence sector in India. Her response has been positive," Modi said.

Referring to Korea's economic rise, the PM  said the partnership will be based not only on the strength of Korea's economy, but also its contribution to peace and stability in the region.

"The need for closer engagement between countries with shared values and vision has never been stronger....I am pleased that we have agreed to upgrade the bilateral relationship to ‘Special Strategic Partnership’...The decisions today reflect how seriously we take the new framework of our relationship. Republic of Korea is the second country with which India will have a diplomatic and security dialogue in 2+2 format."

"Many Korean brands are household names in India. President Park and I see vast opportunities for Korean companies to participate in our ‘Make in India’ Mission. I will meet Korea's business leaders tomorrow. Korean companies have the edge to succeed in India," Modi said.

He announced that a a channel – Korea Plus –will be established  to facilitate  investment and operations of South Korean companies in India.

Modi said he sought President Park's support for participation of Korean companies in new areas like ship building, including LNG tankers.

"Our decision to establish a Joint Working Group on shipbuilding reflects our seriousness to cooperate in this area. Korean companies will be participating in India's plans to acquire and manufacture LNG tankers. Tomorrow, I will visit a shipyard in Ulsan."

"President Park and I shared the view that our modest trade is well below its potential. We agreed to review the Comprehensive Economic Partnership Agreement and other market access related issues. I conveyed our desire to see a balanced and broad-based growth in bilateral trade."

Welcoming  Korea’s diplomatic efforts to maintain peace and stability of the Korean Peninsula, Modi shared President Park's  concerns that proliferation of nuclear and other weapons of mass destruction will not be in the interest of countries of the region. "I offered India’s support to Korean people for peaceful re-unification of Korean Peninsula," he said.

"We agreed to work together and with other countries in the region to ensure the freedom of navigation and safety and security of sea lanes of communication. Challenges of cyber security and terrorism are also areas of interest to both of us."

The visit to Korea has just begun, but it is already very productive. We have laid the foundation for a relationship that two major Asian countries with shared values should have," Modi said.