India and South Korea have announced a plan to double their bilateral trade to $50 billion by 2030 following high-level talks between both countries’ leaders in New Delhi on Monday.
South Korea’s President Lee Jae-myung made his first official visit to India, where he was given a ceremonial welcome at the presidential palace. He stood alongside Indian Prime Minister Narendra Modi as military honour guards took part in the reception.
In a joint statement following the talks, both leaders said they had agreed to accelerate negotiations to upgrade the 2010 Comprehensive Economic Partnership Agreement, with the aim of expanding economic cooperation and creating new growth opportunities.
President Lee said both countries are targeting a significant increase in trade volume, from the current $25 billion to approximately $50 billion by 2030. He noted that the upgraded partnership would strengthen innovation and mutual development.
Prime Minister Modi said the two nations had taken “several important decisions” to deepen trade relations and expand collaboration across key sectors including shipbuilding, artificial intelligence, finance, defence, and energy.
“From chips to ships, from talent to technology, from environment to energy, we will realise new opportunities for cooperation in every sector,” Modi said.
Both sides emphasised the importance of strengthening supply chain resilience and adapting to global economic and security uncertainties. The discussions come as geopolitical tensions and disruptions in energy markets continue to reshape international trade dynamics.
South Korea has faced increased energy security concerns following regional instability in the Middle East, including disruptions affecting key oil shipping routes such as the Strait of Hormuz.
India, meanwhile, is actively pursuing deeper engagement with South Korea as part of its broader strategy to attract foreign investment, expand domestic manufacturing capacity, and reduce reliance on single-market supply chains.
President Lee described India and South Korea as “ideal partners for comprehensive cooperation,” highlighting shared ambitions for innovation-driven growth and long-term economic stability.
The renewed partnership signals a major step forward in strengthening Asia’s economic integration amid shifting global trade patterns.
