India and South Korea have agreed to deepen their partnership and sharply increase bilateral trade over the next few years. During talks in New Delhi on Monday, Prime Minister Narendra Modi and South Korean President Lee Jae Myung set a goal of taking two-way trade to $50 billion by 2030.
President Lee is on a three-day visit to India, his first official trip to the country since taking office. The visit is being viewed as an important step in building stronger ties between two of Asia’s major economies at a time when many countries are facing global trade uncertainty and supply chain disruptions.
Both leaders discussed upgrading the existing trade agreement between the two nations to make business easier and improve market access. Officials said the revised pact is expected to encourage fresh investments and create smoother supply chains for key industries.
India and South Korea also agreed to expand cooperation in several high-growth sectors. These include semiconductors, shipbuilding, defence manufacturing, artificial intelligence, clean energy and critical minerals. The focus is on combining South Korea’s technological strength with India’s large market and manufacturing potential.
After the meeting, a number of agreements were signed covering business, technology and industrial cooperation. Business leaders from both countries also took part in discussions aimed at creating new investment opportunities.
Speaking after the talks, Modi said the relationship between the two countries is built on trust and shared interests, and now needs to be shaped for the future. President Lee highlighted India’s growing global role and described the country as an important long-term economic partner.
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