India and South Korea have set a target to nearly double bilateral trade to $50 billion by 2030.
South Korean President Lee Jae Myung and Indian Prime Minister Narendra Modi pledged to boost trade between their countries from about $27 billion now, after a meeting in New Delhi on Monday.
The leaders vowed to strengthen supply chains, improve market access, and encourage greater investment.
”Following President Lee’s visit, we are going to transform our trusted collaboration into a futuristic partnership,” Modi said.
The Indian prime minister said the countries will tap into new opportunities for cooperation “from chips to ships, talent to technology, entertainment to energy.”
Lee said Seoul and New Delhi have agreed to upgrade economic cooperation by focusing on sectors including shipbuilding, defense, and artificial intelligence.
”In this era of uncertainty, South Korea and India can become optimal all-encompassing cooperation partners to promote mutual growth and innovation,” Lee added.
The Asian nations will try to expand industrial collaboration and boost trade and investment in advanced manufacturing, critical minerals, and nuclear energy, the South Korean leader said.
Seoul aims to increase the import of naphtha, a crude-oil derivative, from New Delhi to offset potential disruptions related to the Middle East conflict. India accounted for about 8% of South Korea’s naphtha imports in 2025.
The countries also signed memoranda of understanding in various sectors, including ports, technology, steel supply chain, small and medium-sized enterprises, and maritime heritage.
Bilateral trade and economic relations between New Delhi and Seoul gathered momentum following the implementation of the Comprehensive Economic Partnership Agreement (CEPA) in 2010.