India and the Republic of Korea have reaffirmed their commitment to deepening strategic cooperation across key sectors, including energy, critical minerals, semiconductors, shipbuilding, and advanced technologies, as both sides aim to expand bilateral trade to $50 billion by 2030. The partnership also includes plans to strengthen cultural exchanges between the two nations.
Indian Prime Minister Narendra Modi said the visit of South Korean President Lee Jae Myung marks a transition toward a “futuristic partnership” covering sectors from chips to ships, talent to technology, and energy to the environment. He emphasized that the two countries will work together to ensure shared prosperity and long-term development.
Amid ongoing global conflicts in Europe and the Middle East, Modi said India and South Korea are jointly sending a message of peace and stability. He also welcomed South Korea’s participation in initiatives such as the International Solar Alliance and the Indo-Pacific Oceans Initiative, highlighting their shared commitment to a peaceful and inclusive Indo-Pacific region, the Khaleej Times reports.
President Lee said both countries agreed to maintain close coordination on regional peace and global stability, noting discussions on recent developments in the Middle East. He stressed that restoring peace in the region is essential for global security and economic stability.
Lee added that both sides agreed to strengthen cooperation in ensuring stable supplies of energy resources and critical commodities. He also confirmed plans to accelerate negotiations to upgrade the Comprehensive Economic Partnership Agreement (CEPA) to improve trade and investment conditions for businesses in both countries.
Currently, bilateral trade between India and South Korea stands at around $27 billion. Both leaders agreed to more than double this figure to $50 billion by 2030, supported by new institutional frameworks, including a financial forum to enhance capital flows and an industrial cooperation committee to deepen business ties.
India also announced plans for a Korean industrial township to attract South Korean companies, particularly small and medium enterprises, while a digital bridge will be established to promote cooperation in artificial intelligence, semiconductors, and IT. Additional agreements are expected in shipbuilding, sustainability, steel, and port development.
Cultural ties were also highlighted, with plans to establish a Mumbai Korea Centre as a permanent hub for K-pop and cultural exchange, alongside broader collaboration between K-pop and Bollywood. Modi noted the growing popularity of Korean culture in India and Indian cinema in South Korea, with both sides planning a major India–Korea Friendship Festival in 2028.
