India, South Korea Boost Technology, Cultural Ties Trade To Reach $50B By 2030

2026-04-20 03:06:55

(MENAFN- Khaleej Times) India and South Korea are boosting their strategic partnership with forward looking agenda and cooperation in various industries, including energy, minerals, semiconductors, shipbuilding, and more as they seek to expand their trade volume to $50 billion by 2030. Both countries are also expanding cultural exchanges.

“Today (April 20), with President Lee's visit, we are going to transform this trusted partnership into a futuristic one. We will realise new opportunities for cooperation in every field, from chips to ships, talent to technology, environment to energy, and together we will ensure the progress and prosperity of both countries," said Modi, who welcomed visiting South Korean President Lee Jae Myung to the country on Monday.

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Referring to the ongoing wars in the Middle East and in Europe, Modi said“India and Korea together send a message of peace and stability. We are very pleased that today Korea is joining the International Solar Alliance and the Indo-Pacific Oceans Initiative.

Through our joint efforts, we will continue to contribute to a peaceful, progressive, and inclusive Indo-Pacific," Modi added.

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Lee said they had agreed to maintain close collaboration in addressing regional peace and international issues.“Prime Minister Modi and I exchanged our views on the recent events unfolding in the Middle East, and agreed that restoring stability and peace in the Middle East is crucial to global security and the economy," said Lee.

"We will sustain cooperation for supply stability of energy resources and key commodities. We agreed to speed up the negotiations to upgrade our CEPA (Comprehensive Economic Partnership Agreement) to create more favourable trade and investment conditions for our businesses,” continued the South Korean leader.

Modi referred to the launch of the India-Korea Financial Forum to facilitate financial flows between the two countries.“To strengthen business cooperation, we have established an Industrial Cooperation Committee. To enhance cooperation in critical technologies and supply chains, we are initiating an Economic Security Dialogue,” he added.

Doubling trade deals

Bilateral trade between India and Korea adds up to $27 billion.“We have taken several important decisions today to increase this to $50 billion by 2030”, said the Indian PM.

A Korean industrial township will be set up in India to encourage Korean companies, especially SMEs, to launch operations in the country, he added.

An India-Korea digital bridge will also be established to deepen partnerships in AI, semiconductors, and IT. MoUs will also be signed in shipbuilding, sustainability, steel, and ports.

Lee pointed out that the two countries agreed to expand cooperation on strategic industries.“Combining our respective strengths in the field of shipbuilding, we aim to bring together the outstanding technology of Korean businesses and the policy support of India's central and local governments in constructing shipbuilding facilities, securing shipbuilding orders and providing incentives for ship production, cooperating so that Korean companies can seek new opportunities in the Indian market.”

Referring to cultural cooperation, Lee said a Mumbai Korea Centre will be established as a permanent K-pop facility and as an international hub of K culture. This would also enable cultural collaboration between K-pop and Bollywood.

“Today, K-pop and K-dramas are becoming increasingly popular in India,” remarked Modi.“Similarly, recognition of Indian cinema and culture is growing in Korea. We are delighted that President Lee himself is a fan of Indian cinema. To strengthen this cultural connection, we will organise the India-Korea Friendship Festival in 2028.”