As both countries celebrated 50 years of diplomatic ties on Sunday, Prime Minister Narendra Modi sent his best wishes to President Yoon Suk Yeolh of South Korea. He emphasized further the developing partnerships, shared values, and respect between South Korea and India.
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.
India will receive USD 4 billion from South Korea over the course of the next three years as a line of credit for “high-value” projects, according to an announcement made earlier in September by the nation’s envoy, Chang Jae-bok. Speaking at a press conference, the envoy informed reporters that Prime Minister Narendra Modi and President Yoon Suk Yeol had discussed the issue during their bilateral meeting outside of the G20 summit. The envoy shared specifics of the meeting, stating that the two leaders decided to enhance their strategic cooperation and communication.
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.