Our relations have become more dynamic: PM Modi sets target to take India–South Korea trade to $50 billion by 2030

Prime Minister Narendra Modi on Monday welcomed South Korean President Lee Jae-myung on his first state visit to India, calling his journey a powerful example of perseverance and public service. After delegation-level talks in New Delhi, both leaders witnessed the signing of multiple agreements aimed at strengthening cooperation between the two countries. The exchange of MoUs took place during a joint press meet at Hyderabad House. 

$50-billion bilateral trade target by 2030 

The Prime Minister has set an ambitious goal to boost bilateral trade while highlighting steps to secure supply chains and encourage Korean businesses to expand in India. "Today, bilateral trade between India and Korea has reached $27 billion. Today, we have taken several important decisions to increase this to $50 billion by 2030," he said. 

To support this growth, both sides announced new initiatives to improve financial and industrial collaboration. "To facilitate financial flows between the two countries, we have launched the India-Korea Financial Forum. To strengthen business cooperation, we have formed an Industrial Cooperation Committee," Modi said. 

Speaking to the media, the PM said, "I am delighted to welcome President Lee on his first visit to India. President Lee's life is an inspiring example of struggle, service, and dedication. Every challenge has only strengthened his resolve to serve the people. Although this is his first visit to India, his affinity for India has been evident since our very first meeting." 

The Prime Minister underlined that shared democratic values and economic principles continue to shape the partnership. "This visit of the President of Korea to India is extremely important. Democratic values, market economy, and respect for the rule of law are in the DNA of both our countries. We also have a common outlook in the Indo-Pacific region," Modi said. 

‘Our relations have become more dynamic’: PM Modi 

The Prime Minister noted that ties between the two nations have expanded significantly over the past decade and are now entering a new phase. "Based on all this, our relations have become more dynamic and comprehensive over the last decade, and today, with President Lee's visit, we are going to transform this trusted partnership into a futuristic partnership. We will realise new opportunities for cooperation in every field, from chips to ships, talent to technology, environment to energy, and together ensure the progress and prosperity of both countries," he said. 

"To increase cooperation in critical technology and supply chains, we are starting the Economic Security Dialogue. To facilitate the entry of Korean companies, especially SMEs, into India, we will also establish Korean Industrial Townships and within the next one year, we will also upgrade the India-Korea Trade Agreement," PM Modi said.