New Delhi: Prime Minister Narendra Modi on Monday announced a major push to strengthen India’s strategic and economic partnership with Korea, setting an ambitious bilateral trade target of USD 50 billion by 2030 during talks with visiting President Lee Jae-myung.
Addressing a joint press statement in New Delhi, Modi described the visit, coming after an eight-year gap, as significant and said both nations are set to transform their existing partnership into a future-oriented collaboration. He noted that shared democratic values, a market economy, and respect for the rule of law form the foundation of ties between the two countries.
The prime minister said bilateral trade has reached USD 27 billion and both sides have taken key decisions to nearly double it in the coming years. To support this goal, the two countries launched an India-Korea Financial Forum, set up an Industrial Cooperation Committee, and initiated an Economic Security Dialogue focused on critical technologies and supply chains, according to an official statement.
Modi announced that a Korean Industrial Township will be established in India to facilitate the entry of Korean companies, particularly small and medium enterprises. He added that the existing trade agreement between the two countries will be upgraded within the next year.
Highlighting emerging sectors, the prime minister said both sides will expand cooperation across areas such as semiconductors, artificial intelligence, shipbuilding, energy, and environment. He also announced the launch of the India-Korea Digital Bridge to deepen collaboration in advanced technologies.
Several agreements were signed in sectors including shipbuilding, sustainability, steel, and port infrastructure. Modi said the Business Forum held alongside the visit would help translate these opportunities into tangible outcomes.
On cultural ties, the prime minister noted that relations between the two countries date back centuries, referring to the historical link between Ayodhya’s Princess Suriratna and Korea’s King Kim Suro. He said the growing popularity of Korean pop culture in India and Indian cinema in Korea reflects strengthening people-to-people connections.
To further enhance cultural engagement, Modi announced that the India-Korea Friendship Festival will be held in 2028. He added that cooperation in education, research, and tourism will also be expanded.
In the context of global challenges, Modi said India and South Korea will work together to promote peace, stability, and an inclusive Indo-Pacific. He welcomed Korea’s decision to join initiatives such as the International Solar Alliance and the Indo-Pacific Oceans Initiative.
Modi also emphasised the need for reforms in global institutions to address evolving international challenges. Referring to Rabindranath Tagore’s description of Korea as the “Lamp of the East,” Modi said Korea remains a key partner in India’s journey towards becoming a developed nation by 2047.
He expressed confidence that the strengthened partnership would contribute not only to the progress of both countries but also to global prosperity.
