India and South Korea have set an ambitious target to double their bilateral trade to $50 billion by 2030, following high-level talks in New Delhi. The commitment came as South Korean President Lee Jae-myung made his first official visit to India, where he was welcomed with full ceremonial honours at the presidential palace.
The two leaders agreed to accelerate negotiations to upgrade their 2010 Comprehensive Economic Partnership Agreement, aiming to create new drivers for mutual economic growth. President Lee emphasized the importance of expanding cooperation beyond traditional sectors, highlighting opportunities in shipbuilding, artificial intelligence, finance, and defence. Prime Minister Narendra Modi echoed the sentiment, describing the agreements as significant steps toward achieving the trade target.
Both countries are seeking to diversify and strengthen their economic ties amid global supply chain disruptions and rising geopolitical tensions. India views deeper engagement with South Korea as part of its broader strategy to attract foreign investment, boost domestic manufacturing, and reduce reliance on China. South Korea, for its part, is looking to secure stable energy supplies and expand its footprint in India’s rapidly growing market.
The discussions also touched on cooperation in emerging technologies, talent development, and sustainable energy. Modi noted that collaboration would span sectors from semiconductors to shipping, and from environmental initiatives to energy security.
The timing of the visit is particularly relevant given recent global uncertainties. South Korea has faced increased risks to its energy supplies following disruptions in the Strait of Hormuz, a critical oil shipping route. Strengthening ties with India offers both countries a strategic hedge against such volatility while advancing their shared interests in innovation and sustainable development.
The leaders’ commitment signals a clear intent to deepen the strategic partnership between Asia’s third- and fourth-largest economies, with trade expansion at its core.
