India-South Korea to increase bilateral trade to $50 billion by 2030: Modi and Lee Jae

New Delhi: India and South Korea on Monday agreed to increase the present bilateral trade from around $25 billion to $50 billion by 2030. This was worked out at a meeting held between Prime Minister Narendra Modi and South Korean President Lee Jae Myung in Delhi’s Hyderabad House.

Modi described Lee’s visit as a significant step towards strengthening India-South Korea relations. Both sides signed multiple agreements to deepen bilateral cooperation. In a joint press statement, the PM said Lee’s visit marked the beginning of a more advanced phase in New Delhi-Seoul ties.

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He highlighted shared democratic values, commitment to a market economy, and respect for the rule of law as the foundation of the partnership. Modi termed Lee’s Delhi visit “inspiring,” and added that it reflected a growing affinity between the two nations. “It will help transform the existing relationship into a future-oriented partnership”.

Emphasis on Peace and Indo-Pacific Cooperation

The two leaders underscored their shared commitment to peace and stability amid global tensions. India-South Korea cooperation had sent a strong message of “balance and responsibility”, Modi said.

Lee announced Seoul’s participation in initiatives like International Solar Alliance and the Indo-Pacific Oceans Initiative, signalling deeper engagement in the Indo-Pacific region.

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Digital Bridge and Strategic Agreements

The two leaders launched “India-Korea Digital Bridge,” aimed at enhancing cooperation in emerging technologies including artificial intelligence, semiconductors and information technology. Agreements on shipbuilding, steel, sustainability and port development were inked by both the countries.

Cultural collaborations in creative industries are expected to expand further. Economic cooperation remains a key pillar of the partnership. Lee acknowledged India’s growing global influence and emphasised opportunities for a deeper collaboration in advanced manufacturing and technology sectors.