India, South Korea Sign MoUs Across Shipbuilding, Tech; Set $50 Billion Trade Goal

New Delhi – South Korean President Lee Jae Myung outlined an ambitious roadmap to deepen economic ties with India during a state visit, announcing a shared goal of doubling bilateral trade from the current USD 25 billion to USD 50 billion by 2030.

Speaking alongside Prime Minister Narendra Modi, President Lee highlighted the steady evolution of India-South Korea relations since the establishment of diplomatic ties in 1973. He cited milestones such as the Comprehensive Economic Partnership Agreement (CEPA) in 2010 and the elevation of relations to a special strategic partnership in 2015, adding, “Now, we’re ushering in a new decade of the special strategic partnership.”

During the summit, the leaders held in-depth discussions on advancing cooperation across multiple sectors and exchanged views on regional and global issues. President Lee described India as “a leader in the Global South” and praised the nation’s rapid development under the Viksit Bharat 2047 vision.

India and South Korea signed 15 agreements and memorandums aimed at boosting trade, investment, and sectoral collaboration, including in shipbuilding and artificial intelligence. A ministerial-level Industrial Cooperation Committee will be established as the first formal platform for economic cooperation between the two countries, focusing on trade, investment, and strategic sectors.

President Lee emphasized priority areas such as critical minerals, nuclear energy, and clean energy, highlighting their importance for long-term economic security and sustainable growth. Energy security was also a key focus, particularly in light of global uncertainties in West Asia. He stated, “Considering the current situations in the Middle East, we will sustain cooperation for supply stability of energy resources and key commodities such as naphtha.”

Both nations agreed to modernize the CEPA to create more favorable trade and investment conditions, reflecting new global trade norms and supporting green growth initiatives. The two sides also plan to revise cooperation in the field of small and medium-sized enterprises (SMEs), including establishing a working-level consultative body to facilitate Korean SME entry into the Indian market.

Summing up the broader vision, President Lee said, “Through these efforts, we aim to increase the current 25 billion dollar level of annual trade volume to around 50 billion dollars by 2030,” reaffirming the commitment to strengthen economic cooperation across multiple sectors.