India and South Korea have announced a significant boost to their economic partnership, with a shared goal of doubling bilateral trade to $50 billion by 2030. The commitment was made during South Korean President Lee Jae Myung’s state visit to India, the first in eight years.
Addressing the joint press meet with President Lee Jae Myung of the Republic of Korea.@Jaemyung_Lee https://t.co/NpU97z4dzB
— Narendra Modi (@narendramodi) April 20, 2026
Key areas of enhanced cooperation will include energy, critical minerals, shipbuilding, semiconductors, and steel. Both nations have agreed to resume and accelerate negotiations to revitalize their 2010 trade agreement, addressing India’s desire for more balanced trade and South Korea’s pursuit of greater market access within India’s rapidly growing economy.
Following discussions with Indian Prime Minister Narendra Modi, President Lee stated, “We decided to upgrade the framework of economic cooperation between the two countries to create a new engine for shared growth.” A newly formed ministerial-level economic cooperation committee will oversee strengthened collaboration in nuclear power plants, clean energy, trade, and investment.
Prime Minister Modi emphasized the historical ties between the two nations and hailed the agreement as “laying the foundation for the success story of the next decade.”
Indian Trade Minister Piyush Goyal engaged with his South Korean counterpart, Yeo Han-koo, to explore further opportunities in industry, green energy, and digital trade.
President Lee will address a joint business forum featuring approximately 250 South Korean participants, including leaders from major companies such as Samsung Electronics, Hyundai Motor, and LG Group. Twenty private-sector memoranda of understanding are expected to be signed, covering shipbuilding, digital technology, and energy.
In a related development, South Korea’s Posco Holdings announced plans for its steelmaking unit to establish a joint venture integrated steel plant with India’s JSW in Odisha state, with an investment of approximately $1.09 billion by the end of 2031.
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