India-South Korea Trade: Roadmap to Double Bilateral Trade by 2030

India and South Korea unveiled a futuristic partnership to boost trade, technology cooperation, and cultural ties during South Korean President Lee’s state visit.

• High-Level Engagement: PM Modi and President Lee Jae Myung held bilateral talks at Hyderabad House in New Delhi.
• Global Context: Partnership framed as a joint effort to promote peace, stability, and Indo-Pacific cooperation amid global tensions. 

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Key Outcomes of South Korean President’s Visit to India

• Strategic Vision: India and South Korea adopted a Joint Strategic Vision to transform ties into a futuristic partnership.
• Institutional Mechanism: Establishment of an India–Korea Industrial Cooperation Committee to deepen coordination across trade, industry, and resources.
• CEPA Upgrade: Decision to fast-track negotiations to upgrade the Comprehensive Economic Partnership Agreement (2009) for improved market access and investment flows.
• Digital Cooperation: Launch of the India–Korea Digital Bridge focusing on AI, semiconductors, and IT collaboration.
• Economic Security: Initiation of an Economic Security Dialogue to strengthen supply chains and critical technologies.
• Sectoral MoUs: Agreements signed across ports, steel, MSMEs, science & technology, climate action, and cultural industries.
• Financial & Investment: Plans for financial cooperation, digital payments systems, and a Korean industrial township in India.
• Global Engagement: South Korea joined the International Solar Alliance and Indo-Pacific Oceans Initiative.
  • India will join the Global Green Growth Institute, headquartered in Seoul.
• People-to-People Ties: Introduction of a Distinguished Visitors Programme and Cultural Exchange Programme (2026–2030).
• Cultural Cooperation: Plans for a K-pop hub in Mumbai and India–Korea Friendship Festival (2028) to boost people-to-people ties.

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India–South Korea Trade

• Trade Target: Bilateral trade to rise from USD 27 billion to USD 54 billion by 2030.
• Growth Requirement: Needs approximately 18% annual growth rate to achieve target.
• Complementary Strengths: India offers market size and workforce, while South Korea provides technology and innovation.
• Strategic Approach: Focus on co-production, co-design, and co-innovation for global value chains.
• Long-Term Vision: Strengthening ties to build a resilient economic partnership aligned with India’s $30 trillion economy goal by 2047.

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