New Delhi, Apr 22 (APAC Media): India and South Korea have agreed to deepen economic and strategic ties, setting a target to increase bilateral trade to $50 billion by 2030.
The announcement came as Narendra Modi hosted the president of South Korea, Lee Jae-Myung, during his first state visit to India.
After delegation-level talks at Hyderabad House, both leaders witnessed the signing of several memoranda of understanding to boost cooperation across sectors. Addressing a joint press briefing, Modi welcomed the visiting leader and pointed to the growing depth in bilateral relations.
He said the partnership is moving toward a more advanced framework, with both sides committed to expanding trade from the current $27 billion to the new target. The leaders also launched new initiatives, including the India-Korea Financial Forum and an Industrial Cooperation Committee, aimed at promoting investment and business collaboration.
Major Investment in Steel Sector
Union Minister for Commerce and Industry, Piyush Goyal, informed that he had discussions with his South Korean counterpart, Yeo Han-koo, and discussed ways to resume and revamp the trade pact and explored opportunities to deepen cooperation in the areas of industry, green energy, and digital trade.
As a result, a joint venture deal to set up a 6-million-ton-per-annum steel plant in Odisha has been announced.
Other Initiatives
In addition, an Economic Security Dialogue will be introduced to strengthen cooperation in critical technologies and supply chains. The developments signal a stronger and more structured partnership between the two countries, focused on long-term growth and resilience.
