India-South Korea Forge Tech & Trade Pact, Aim for $50B Trade by 2030

Prime Minister Narendra Modi held a bilateral meeting with South Korean President Lee Jae-myung at Hyderabad House in the national capital.

The meeting resulted in the signing of multiple Memoranda of Understanding (MoUs), aimed at deepening cooperation across sectors such as trade, culture and emerging technologies.

Reacting to the development, business leaders highlighted the growing alignment between the two economies.

Rajan Navani, Chairman and Managing Director of Jetline Group of Companies and Founder and CEO of Jetsynthesis, said the India-Korea business dialogue was highly encouraging, particularly in areas like Gen Z engagement, digital ecosystems and infrastructure.

He noted that the partnership, driven by new-age leadership, is poised to deliver long-term global impact.

Hitesh Doshi, Chairman and Managing Director of Waaree Group, credited the government's "Make in India" initiative for transforming the industrial landscape.

He said the push for domestic manufacturing has attracted Korean companies to invest and set up production facilities in India, thereby strengthening global partnerships and accelerating growth.

Subhrakant Panda, Managing Director of Indian Metals and Ferro Alloys Limited, said India's policy framework has positioned the country as a rising global economic power.

Earlier, PM Modi noted that bilateral trade between India and South Korea has reached $27 billion, with a target to scale it up to $50 billion by 2030.

He described the visit of the South Korean President -- after a gap of nearly eight years -- as significant.

The Prime Minister also emphasised the convergence of interests in the Indo-Pacific region, which has further strengthened ties over the past decade.

He expressed confidence that the partnership will expand across key areas including semiconductors, advanced technology, talent development and energy.

To facilitate deeper economic engagement, both sides have launched the India-Korea Financial Forum and agreed to set up an Industrial Cooperation Committee.

- IANS