India and South Korea agree to deepen economic and strategic ties, target $50 billion trade by 2030, launch new forums on finance, industry, tech and supply chains.
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1 / 6India and South Korea on Monday, April 20, agreed to significantly deepen their economic and strategic ties, setting a target to raise bilateral trade to $50 billion by 2030 as Prime Minister Narendra Modi hosted South Korean President Lee Jae-Myung during his maiden state visit to India. (PTI Photo)
2 / 6Following delegation-level talks at Hyderabad House, the two leaders witnessed the signing and exchange of several memoranda of understanding (MoUs) aimed at strengthening cooperation across sectors. Addressing a joint press interaction, Modi welcomed the visiting leader and highlighted his personal journey. (PTI Photo)
3 / 6Trade, technology and supply chain cooperation: Emphasising the evolving nature of bilateral ties, Modi said India and South Korea were moving towards a more advanced framework of cooperation. He said the two sides had decided to expand trade from the current $27 billion to $50 billion by 2030. (PTI Photo)
4 / 6The leaders also launched new mechanisms including the India-Korea Financial Forum and an Industrial Cooperation Committee to facilitate investment and business collaboration. Modi added that an Economic Security Dialogue would be introduced to strengthen cooperation in critical technologies and supply chains. (Photo: X/@KVSinghMPGonda)
5 / 6Ceremonial welcome and strategic discussions: Earlier in the day, Lee received a ceremonial welcome at Rashtrapati Bhavan and paid tribute to Mahatma Gandhi at Rajghat. (Photo: X/@rashtrapatibhvn)
6 / 6The South Korean President arrived in New Delhi on Sunday for a three-day visit and was received at the airport by Minister of State Harsh Malhotra. The discussions between the two sides also covered shipbuilding, artificial intelligence, semiconductors, defence cooperation and critical mineral supply chains. (PTI Photo)
