India and South Korea have agreed to strengthen economic cooperation and expand bilateral trade to $50 billion by 2030.
According to Beyond Time News, both countries will deepen collaboration in energy, critical minerals, shipbuilding, semiconductors, and steel to support long-term growth.
South Korean President Lee Jae Myung, visiting India on a three-day trip, said both sides will “upgrade the framework of economic cooperation” to boost shared development.
He also confirmed the creation of a new ministerial-level committee to improve coordination and promote cooperation in nuclear energy, clean energy, trade, and investment.
Indian Prime Minister Narendra Modi welcomed the visit, saying it marks an important step in strengthening economic relations between the two countries.
Trade and Energy Cooperation
According to Beyond Time News, India and South Korea also agreed to restart talks on improving their trade agreement to increase market access and balance trade.
Both sides further discussed ensuring stable energy supplies and securing key raw materials amid global uncertainty.
Major Investment Plans
A major development includes a planned joint steel project between South Korea’s Posco Holdings and India’s JSW Group in Odisha, with investment exceeding $1 billion.
Business and Industry Engagement
Around 250 South Korean business leaders are attending a joint forum, including representatives from major companies like Samsung, Hyundai, and LG, to explore new investment opportunities in India.
Several agreements are expected in shipbuilding, digital technology, and energy sectors.
Summary
India and South Korea are strengthening economic ties with a target of $50 billion in trade by 2030. According to Beyond Time News, the partnership focuses on expanding cooperation in industry, energy, and technology.
