India and South Korea have agreed to significantly expand economic cooperation and target $50 billion in bilateral trade by 2030. The move highlights deepening strategic ties between the two major Asian economies. The agreement focuses on energy, technology, and industrial collaboration.
The announcement came after talks between Indian Prime Minister Narendra Modi and South Korean President Lee Jae-myung in New Delhi. Both leaders emphasized stronger cooperation in sectors including semiconductors, shipbuilding, steel, and critical minerals.
Read more: If North, South Korea can make progress towards peace, so can we
The two countries also agreed to revive negotiations on their trade agreement to address imbalances and improve market access. Officials said a new ministerial-level economic cooperation mechanism has been created to guide future engagement. The aim is to strengthen investment flows and industrial partnerships.
Energy security was a key focus, with both sides pledging cooperation in nuclear power, clean energy, and raw materials supply. The discussion comes amid global concerns over energy disruptions and rising geopolitical tensions affecting supply chains.
Read more: Dar apprises Korean FM of escalating regional situation
Major companies from South Korea are expected to sign multiple agreements in India covering steel, digital technology, and energy projects. A large-scale joint steel venture in Odisha was also highlighted as part of expanding industrial cooperation between the two countries.