NewKerala.com

India, South Korea Aim for $50B Trade by 2030, Seek Balanced Partnership

Union Minister Piyush Goyal met South Korean Trade Minister Kim Jung-Kwan to discuss creating a more balanced trade relationship and increasing Korean investments in India. The discussions coincided with the state visit of South Korean President Lee, the first from his country in eight years. Prime Minister Narendra Modi welcomed President Lee, highlighting shared values and a common Indo-Pacific vision. Following their talks, the leaders agreed to deepen cooperation across sectors and set an ambitious target to increase bilateral trade to USD 50 billion by 2030.

Key Points: India-South Korea Talks Target $50B Trade, Boost Investments

  • Discuss balanced trade relationship
  • Boost Korean investments in India
  • Set $50B trade target by 2030
  • Deepen cooperation from chips to ships
  • First Korean presidential visit in 8 years
2 min read

Piyush Goyal, South Korea minister discuss partnership to create more balanced trade relationship, investment by Korean companies

Piyush Goyal meets Korean counterpart to balance trade and drive investments as PM Modi and President Lee set a $50 billion bilateral trade target for 2030.

"We have taken numerous important decisions to take bilateral trade to fifty billion dollars by 2030. - Prime Minister Narendra Modi"

New Delhi, April 21

Union Minister Piyush Goyal said India and South Korea discussed steps to create a more balanced trade relationship and boost Korean investments in India following his meeting with South Korean Trade Minister Kim Jung-Kwan in the national capital on Monday.

In a post on X, Goyal wrote, "A productive meeting with Mr. Kim Jung-Kwan, Minister for Trade, Industry and Resources of the Republic of Korea, in New Delhi. We discussed ways to leverage the India-Korea partnership to create a more balanced trade relationship and to drive greater investment by Korean companies in India."

"We also explored how both sides can capitalise on the opportunities India offers through the development of integrated, world-class townships under NICDC, designed to provide a competitive and future-ready ecosystem for manufacturing and innovation," the post read.

Meanwhile, the South Korean President and the First Lady arrived in New Delhi a day earlier for a three-day official tour and were received at the airport by Union Minister of State for Corporate Affairs Harsh Malhotra.

Prime Minister Narendra Modi welcomed South Korean President Lee on his first visit to India, highlighting the shared values and common Indo-Pacific vision between the two countries as New Delhi hosts the first presidential visit from the Republic of Korea in eight years.

In a post on X, PM Modi wrote, "Glad to have welcomed President Lee on his first visit to India. His life and work are inspiring examples of service and dedication. Making this visit more special is the fact that this is the first visit by a President of the Republic of Korea in 8 years. Our nations are bound by shared values and a common outlook on the Indo-Pacific region."

Prime Minister Modi said India and South Korea have agreed to deepen cooperation across key sectors and set an ambitious target to take bilateral trade to USD 50 billion by 2030, following talks with South Korean President Lee during his ongoing visit to India.

"Our talks today covered ways to deepen cooperation in various sectors ranging from chips to ships, from talent to technology, from entertainment to energy. We have taken numerous important decisions to take bilateral trade to fifty billion dollars by 2030," the post read.

- ANI

Share this article:

Reader Comments

P
Priya S
A more balanced trade relationship is crucial. We import a lot of electronics and auto parts from Korea. We need to export more of our IT services, pharmaceuticals, and textiles to them. The $50 billion target by 2030 is ambitious but achievable with the right policies.
R
Rohit P
"From chips to ships" - love that line from PM Modi. Korea is a global leader in shipbuilding and electronics. If we can get them to set up more factories here, it will be a huge boost for 'Make in India'. Hope the townships they plan have good infrastructure.
S
Sarah B
While the focus on investment is good, I hope the government ensures these partnerships also prioritize skill development for Indian workers. We need to move beyond just assembly lines to high-value R&D centers. The benefits should be long-term for our economy.
V
Vikram M
Good to see high-level engagement after 8 years! Korea is a key partner in our Indo-Pacific strategy. Their technology combined with our market and talent can be a winning combination. Also, more K-dramas and cultural exchange, please! 😄
M
Michael C
The emphasis on a "balanced" relationship is telling. It suggests the current trade is skewed. Hope our negotiators are tough and secure good terms that protect our MSMEs. We've seen with other FTAs that sometimes local industries suffer.

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

Leave a Comment

Minimum 50 characters 0/50