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India, Korea Aim for $50B Trade by 2030 in Goyal's Strategic Talks

Union Minister Piyush Goyal met with Korea's Trade Minister Yeo Han-Koo to discuss strengthening the India-Korea economic partnership. The talks focused on deepening trade, encouraging manufacturing in India, and enhancing investment and supply-chain collaboration. Bilateral trade currently stands at nearly $27 billion, with South Korea being a significant FDI investor in sectors like automobiles and electronics. Both countries aim to expand economic cooperation, with a target to reach $50 billion in bilateral trade by 2030.

Key Points: India-Korea Trade Talks: Goyal Meets Yeo Han-Koo

  • Strengthen economic partnership
  • Deepen trade & manufacturing
  • Enhance investment & supply chains
  • Target $50B trade by 2030
2 min read

Piyush Goyal meets Korea Trade Minister, discusses strengthening trade, investment and supply chain collaboration

Piyush Goyal meets Korea's Trade Minister to strengthen economic ties, boost investment, and target $50 billion bilateral trade by 2030.

"We had constructive discussions on strengthening the India-Korea economic partnership - Piyush Goyal"

New Delhi, March 14

Union Minister of Commerce and Industry Piyush Goyal held a meeting with Korea's Trade Minister Yeo Han-Koo to discuss ways to strengthen economic ties, enhance investments and deepen supply chain collaboration between the two countries.

In a social media post following the meeting, Goyal said the discussions focused on strengthening the India-Korea economic partnership and exploring opportunities to expand trade and manufacturing.

"Held a meeting with Mr. Yeo Han-Koo, Trade Minister, Republic of Korea. We had constructive discussions on strengthening the India-Korea economic partnership. Also discussed ways to deepen trade, encourage greater manufacturing and exports from India, and unlock new opportunities for our businesses," Goyal said in the post on X.

He added that both sides reaffirmed their commitment to enhancing investment, expanding supply-chain collaboration and working towards a more mutually beneficial trade relationship.

India and the South Korea share longstanding historical and cultural ties spanning over two millennia. The two countries established diplomatic relations in 1973 and have since steadily strengthened their economic engagement.

According to data from the Department of Commerce under the Ministry of Commerce and Industry, the bilateral trade between India and Korea stood at USD 26.89 billion during FY25.

South Korea is also a significant investor in India. The Republic of Korea is India's 13th largest foreign direct investment (FDI) investor from April 2000 to March 2025, with total investments amounting to USD 6.69 billion.

Key sectors that have attracted investment from Korea include metallurgy, automobile, electronics, prime movers, machine tools, hospitals and diagnostic centres.

As economic cooperation between the two countries continues to expand, bilateral trade between India and South Korea is expected to reach USD 50 billion by 2030.

India's exports to Korea stood at USD 5.82 billion during FY25, with the country exporting around 3,200 commodities to the Korean market.

Major exports from India to Korea include engineering goods valued at USD 2.6 billion, petroleum products worth USD 964 million, organic and inorganic chemicals worth USD 730 million, other items valued at USD 205 million, and drugs and pharmaceuticals worth USD 187 million during FY25.

- ANI

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Reader Comments

S
Sarah B
$26.89 billion in trade is impressive, but the article says our exports are only about $5.8 billion. We import much more from them. We need to focus on improving our export basket beyond raw materials and basic goods. More value-added exports should be the goal.
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Priya S
Good to see discussions on supply chains. After the global disruptions, it's crucial for India to become a reliable partner. Korea's tech and our market size are a perfect match. Let's hope this translates into more affordable electronics and cars for Indian consumers! 😊
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Rohit P
The target of $50 billion by 2030 seems achievable. But the government must ensure that these partnerships also lead to technology transfer. We shouldn't just be an assembly hub; we need to move up the value chain. More investment in R&D collaboration is key.
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Kavya N
As someone who loves Korean culture (K-dramas, food!), it's great to see our economic ties strengthening too. Hope this also means more cultural exchanges and maybe even collaborations in entertainment and education. The historical connection of over 2000 years is fascinating!
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Michael C
While the focus is often on big industries like auto and electronics, I'm glad to see hospitals and diagnostic centres mentioned. Korean investment in healthcare infrastructure can be a big boost. Hopefully, this makes quality healthcare more accessible in tier 2 and 3 cities.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

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