India and South Korea Aim for $50 Billion Trade Boost by 2030
India and South Korea have pledged to double their annual trade to USD 50 billion by 2030, enhancing their strategic partnership. The leaders agreed on several initiatives, including upgrading the economic partnership and fostering cooperation in energy, defense, and technology sectors, amid global tensions and rising regional influence from China.
- Country:
- India
India and South Korea have committed to doubling their annual trade to USD 50 billion by the year 2030. This decision was solidified after talks between Indian Prime Minister Narendra Modi and South Korean President Lee Jae Myung. Both leaders emphasized their countries' shared message of peace and stability amid current geopolitical tensions.
The discussions resulted in the signing of 15 agreements, focusing on strengthening ties in industrial cooperation and the steel supply chain. The two nations also agreed to enhance collaboration in critical areas such as energy, defense, shipbuilding, and semiconductors, while unveiling a strategic partnership vision.
Furthermore, Modi announced the creation of a Korean industrial township in India, intended to bolster economic relations. Their meeting also covered the Indo-Pacific region and cultural exchanges, with plans for an India-Korea Friendship Festival in 2028. The leaders highlighted their countries' democratic values, aiming to transform their partnership into a futuristic one.
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