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Prime Minister Narendra Modi and German Chancellor Olaf Scholz on Wednesday agreed to deepen trade and investment ties and further increase cooperation in the areas of defence and security, migration and mobility and infrastructure.

Both the leaders met on the sidelines of the G20 summit in Bali.

"The leaders discussed the wide range of bilateral cooperation between India and Germany, which entered a new phase with the signing of the Partnership on Green and Sustainable Development by the Prime Minister and Chancellor during the IGC," a statement issued by the prime minister's office said.

They also agreed to enhance cooperation and coordination in multilateral forums, including G20 and the UN.

This was the third meeting between Modi and Scholz this year. Their previous meetings had taken place during the prime minister's visit to Berlin on May 2, 2022 for the 6th India-Germany inter-governmental consultations, which was followed by Modi's visit to Schloss Elmau in Germany, as partner country for the G7 Summit at Chancellor Scholz's invitation.