Business
India, Korea Target $50 Billion Trade by 2030
India and South Korea today signed four Memorandums of Understanding covering cooperation in Sports, Cultural and Creative Industries, Small and Medium Enterprises, and the establishment of an Industrial Cooperation Committee.
The two sides also exchanged a Joint Declaration on resuming negotiations to upgrade the Comprehensive Economic Partnership Agreement and a framework for the India-Korea Digital Bridge.
The agreements were signed after talks between Prime Minister Narendra Modi and South Korean President Lee Jae Myung in New Delhi.
In his statement, Modi said India and Korea together send a message of peace and stability during a time of global tensions. He said both countries are laying the foundation for the next decade of cooperation, especially in artificial intelligence, semiconductors, and information technology.
The Prime Minister added that the partnership would unlock opportunities across sectors ranging from chips to ships, talent to technology, and entertainment to energy. He also welcomed South Korea joining the International Solar Alliance and the Indo-Pacific Oceans Initiative.
Modi said bilateral trade has reached 27 billion dollars, with both nations now aiming to raise it to 50 billion dollars by 2030.
President Lee said India has emerged as a leader of the Global South and announced plans to expand cooperation in defence, AI, and shipbuilding. He added that both leaders also discussed recent developments in the Middle East and agreed that restoring peace and stability there is vital for global security and the economy.