India, South Korea Target $50 Billion Trade by 2030 in New Strategic Push

Addressing the joint press statement alongwith Prime Minister Narendra Modi, the visiting South Korean President said, "We aim to increase the current 25 billion dollar level of annual trade volume to around 50 billion dollars by 2030."

The South Korean President emphasised the steady evolution of bilateral ties since the establishment of diplomatic relations in 1973, citing 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 accorded to him, President Lee said," I would like to express my deepest gratitude for your invitation and warm hospitality extended to me and my delegation."

Higlighting India's global stature, he noted, "India is the world's largest democracy and achieving the most dynamic growth," adding that he was "very pleased to pay a state visit...for the first time in eight years."

India and South Korea have signed 15 documents aimed at boosting trade, investment and cooperation in areas including shipbuilding and AI, and establishing a ministerial-level industrial cooperation committee dedicated to economic cooperation.

Lee said, "We will establish an Industrial Cooperation Committee, the first ministerial platform for economic cooperation between our two countries," he said, adding that the body will focus on strengthening ties in trade, investment, and key sectors.

Highlighting priority areas, Lee noted to strengthen cooperation "in strategic areas such as critical minerals, nuclear energy, and clean energy." These sectors 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 situations in the Middle East, we will sustain cooperation for supply stability of energy resources and key commodities such as naphtha," he said.

Both sides also agreed to modernise their existing trade agreement. "We agreed to speed up the negotiations to upgrade our CEPA to create more favourable trade and investment conditions," Lee stated, stressing 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 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." He added that both sides would "continue to work" towards strengthening economic cooperation across multiple sectors.

- ANI