India, South Korea Pledge to Nearly Double Trade to $50 Billion by 2030

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New Delhi: South Korean President Lee Jae Myung met Indian Prime Minister Narendra Modi in New Delhi on Monday, with both leaders pledging to nearly double bilateral trade and deepen economic and strategic cooperation.

Modi said India and South Korea aim to raise annual trade from around $27 billion to $50 billion by 2030 through stronger supply chains, improved market access and increased investment.

“India and South Korea are going to transform their trusted ties into a futuristic partnership,” Modi said after the talks.

The meeting comes as both countries seek stronger partnerships amid global economic uncertainty and supply chain disruptions linked to the Iran conflict.

Lee said the two sides agreed to significantly expand cooperation in sectors including shipbuilding, defence and artificial intelligence. He added that trade and investment would also grow in advanced manufacturing, critical minerals and nuclear energy.

As part of supply chain resilience efforts, Lee said South Korea plans to increase imports of naphtha from India to reduce risks from Middle East tensions. India accounted for about 8% of South Korea’s naphtha imports last year.

Lee is expected to travel to Vietnam after concluding his India visit.