New Delhi [India], April 20 (ANI): The India-Korea Business Forum aims to significantly enhance cooperation between India and the Republic of Korea, particularly in business-to-business (B2B) and government-to-government (G2G) sectors, South Korean minister Yong Seok Rooh said on the sidelines of the summit on Monday.

Highlighting the potential of the partnership, Rooh said both nations have strong scope to deepen economic engagement.

'As you know, our two nations have great potential to cooperate more. So by this summit, we expect that cooperation between India and Republic of Korea will be augmented exponentially. B2B and G2G, we have great potential, especially for Korean SME,' he said.

He further noted that India offers significant opportunities for Korean businesses, particularly small and medium enterprises (SMEs) and startups.

'The Indian market is very promising land for our Korean SMEs and also startups. As you know, Indian startup's ecosystem is very developed. So we find that we think we have great potential for cooperation in the field of setup,' he added.

The remarks come as India and South Korea decided to elevate their bilateral relationship to a 'futuristic partnership,' signalling a new phase of cooperation across multiple sectors.

Earlier in the day, Prime Minister Narendra Modi also highlighted the importance of the partnership in the current global context.

'In this period of global tensions, India and Korea together send a message of peace and stability. We are very happy that today Korea is joining the International Solar Alliance and the Indo-Pacific Oceans Initiative,' he said.

The development marks South Korea's entry into two key global initiatives led by India--the International Solar Alliance and the Indo-Pacific Oceans Initiative--which are aimed at promoting sustainable development and regional cooperation.

PM Modi also emphasised the shared vision of both countries for the Indo-Pacific region. 'Through our shared efforts, we will continue to contribute towards a peaceful, progressive and inclusive Indo-Pacific. We also agree that reforms in global institutions are essential to address global challenges,' he added.

The India-Korea Business Forum is being seen as a key platform to unlock new opportunities for collaboration, particularly in areas such as startups, SMEs and innovation-driven sectors, while strengthening institutional and economic ties between the two countries. (ANI)