New Delhi [India], April 20 (ANI): South Korean President Lee Jae-myung on Monday outlined an ambitious roadmap to deepen economic ties with India, announcing a shared goal to double bilateral trade to $50 billion by 2030.
Addressing a joint press statement alongside Prime Minister Narendra Modi, President Lee said, “We aim to increase the current $25 billion level of annual trade volume to around $50 billion by 2030.”
The South Korean president emphasized the steady evolution of bilateral ties since the establishment of diplomatic relations in 1973, citing key milestones such as the Comprehensive Economic Partnership Agreement (CEPA) in 2010 and the elevation to a special strategic partnership in 2015. “Now, we’re ushering in a new decade of the special strategic partnership,” he said.
During the summit, both leaders held in-depth discussions on advancing cooperation across sectors and exchanged views on regional and global issues. President Lee described India as “a leader in the Global South” and praised its rapid development under the “Viksit Bharat 2047” vision.
Expressing gratitude for the warm reception, he said, “I would like to express my deepest gratitude for your invitation and the warm hospitality extended to me and my delegation.” Highlighting India’s global stature, he added, “India is the world’s largest democracy and is achieving dynamic growth,” noting that he was “very pleased to pay a state visit for the first time in eight years.”
India and South Korea signed 15 agreements aimed at boosting trade, investment, and cooperation in areas including shipbuilding and artificial intelligence, and agreed to establish a ministerial-level Industrial Cooperation Committee dedicated to economic collaboration.
“We will establish an Industrial Cooperation Committee, the first ministerial platform for economic cooperation between our two countries,” Lee said, adding that the body will focus on strengthening ties in trade, investment, and key sectors.
Highlighting priority areas, Lee said both sides agreed to strengthen cooperation in strategic sectors such as critical minerals, nuclear energy, and clean energy, which are seen as crucial for long-term economic security and sustainable growth.
Amid global uncertainties, particularly in West Asia, energy security also featured prominently in the talks. “Considering the current situation in the Middle East, we will sustain cooperation to ensure the stable supply of energy resources and key commodities such as naphtha,” he said.
Both sides also agreed to modernize their existing trade agreement. “We agreed to expedite negotiations to upgrade our CEPA to create more favorable trade and investment conditions,” Lee said, emphasizing the need to align with evolving global trade practices. He added that the upgrade would “fully reflect new trade norms” and help both countries respond effectively to changing supply chains and green growth demands.
Support for small businesses is another key focus area. “We will also revise the MOU on cooperation in the field of SMEs,” Lee said, announcing plans to establish a working-level consultative body between the Korean Embassy in India and Indian regulatory authorities to facilitate the entry of Korean SMEs into the Indian market.
Underscoring the broader vision, Lee reiterated, “Through these efforts, we aim to increase the current $25 billion level of annual trade volume to around $50 billion by 2030.” He added that both sides would continue working toward strengthening economic cooperation across multiple sectors. (ANI)
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